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

question 40

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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