The Following Balance Sheet Information Is Provided for Gaynor Company

question 18

Multiple Choice

The following balance sheet information is provided for Gaynor Company: $$\begin{array} { l r r } \text { Assets } & \text { Year 2 } & \text { Year } 1 \\\text { Cash } & \$ 4,000 & \$ 2,000 \\\text { Accounts receivable } &15,000 & 12,000\\\text { Inventory } & \$ 35,000 & \$ 38,000 \end{array}$$
Assuming Year 2 cost of goods sold is $153,300,what is the company's inventory turnover?

• A) 4.0 times
• B) 4.4 times
• C) 4.2 times
• D) None of these answers are correct.

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