Refer to Rhodes Bakery. Calculate the following asset efficiency ratios for 2015 and 2014: Accounts Receivable Turnover Ratio, Inventory Turnover Ratio, and Asset Turnover Ratio. Also determine the Operating Cycle. Round your answers to two decimal places. Comment on the company's asset efficiency ratios.
A portion of the company's income statements are shown below. At December 31, 2013, Accounts Receivable, Inventories, and Total Assets were $18,500, $6,500, and $325,000, respectively.
Definitions:
Manufacturer
A business that uses raw materials, components, or parts to make a finished product that can be sold in the marketplace.
Retailer
A business or person that sells goods to consumers for personal or household use.
Faulty Design
A flaw in the planning and execution of a product, building, or system that leads to it not functioning as intended.
After Sales Service
Support provided by a company after a customer has purchased a product, including maintenance, repair services, and assistance.
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