Jones Corporation Has Issued Common Stock Only Instructions
Compute the Following:
(A) Accounts Receivable Turnover and the Been

question 214

Essay

Jones Corporation has issued common stock only. The company has been successful and has a gross profit rate of 20%. The information shown below was taken from the company's financial statements. $$\begin{array} { l c } \text { Beginning inventory } & \$ 482,000 \\\text { Purchases } & 4,346,000 \\\text { Ending inventory } & ? \\\text { Average accounts receivable } & 700,000 \\\text { Average common stockholders' equity } & 3,100,000 \\\text { Sales revenue (all on credit) } & 5,600,000 \\\text { Net income } & 341,000\end{array}$$ Instructions
Compute the following:
(a) Accounts receivable turnover and the average number of days required to collect the accounts receivable.
(b) The inventory turnover and the average days in inventory.
(c) Return on common stockholders' equity.

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Definitions:

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