Selected Data of the Peninsula Company Follow Required:
A

question 15

Essay

Selected data of the Peninsula Company follow:
$\begin{array}{lrr}&\text { As of December } 31\\\text { Balance Sheet Data }&2014&2013\\\text { Accounts receivable } & \$ 671,000 & \$ 642,000 \\\text { Allowance for doubtful accounts } &31,000& \$ 22,000 \\\text { Net accounts receivable } & \$ 640,000&\$620,000\\\text { Inventories\_lower of cost or market }&\$542,500&\$642,500\\\\&\text { Year Ended December } 31\\\text { Income Statement Data }&2014&2013\\\text { Net credit sales } & \$ 3,150,000 & \$ 3,000,000 \\\text { Net cash sales } &{800,000} &{600,000} \\\text { Net sales } &{83,950,000}& {\$ 3,600,000}\\\text { Cost of goods sold } & \$ 2,370,000 & \$ 2,160,000 \\\text { Selling, general, and administrative expenses } & 475,000 & 350,000 \\\text { Other } & 150,000 & 125,000\\\text { Total operating expenses }&\$ 2,995,000&\$ 2,635,000\\\text { Net income }&\$ 955,000&\$ 965,000\end{array}$
Required:
a.What is the accounts receivable turnover for 2014?
b.What is the inventory turnover for 2014?