Comparative Calendar-Year Financial Data for a Company Are Shown Below

question 48

Essay

Comparative calendar-year financial data for a company are shown below:
$\begin{array}{|l|r|r|} \hline&{2014} &{2013} \\\hline \text { Sales } & \$ 720,000 & \$ 607,500 \\\hline \text { Cost of goods sold } & 450,000 & 382,700 \\\hline \text { Operating expenses } & 168,500 & 134,900 \\\hline \text { Net income } & 51,200 & 51,700 \\\hline\\\hline & \text { December 31, } & {\text { December 31, }} \\\hline & 2014 & {2013} \\\hline \text { Accounts receivable (net } & \$ 157,500 & \$ 162,500 \\\hline \text { Inventory } & 139,500 & 110,500 \\\hline \text { Total assets } & 1,012,500 & 944,800\\\hline\end{array}$ Calculate:
(1) Accounts receivable turnover for 2014.
(2) Days' sales uncollected for 2014.
(3) Inventory turnover for 2014.
(4) Days' sales in inventory for 2014.

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