The Following Information Was Available for the Year Ended December

question 18

Essay

The following information was available for the year ended December 31, 2016:
Required:
(a.) Calculate the inventory turnover for 2016.(b.) Calculate the number of days' sales in inventory for 2016, using year-end inventories.(c.) Calculate the accounts receivable turnover for 2016.(d.) Calculate the number of days' sales in accounts receivable for 2016, using year-end accounts receivable.

---

Definitions:

Facilities

Buildings, services, equipment, etc., provided for a particular purpose, such as healthcare, education, or sport.

Business Firm

An organization engaged in commercial, industrial, or professional activities, either for profit or non-profit.

Independent Regulatory Agencies

Independent regulatory agencies are federal bodies created by Congress to enforce and regulate specific areas of economic activity, operating with some degree of independence from executive control.

Federal Communications Commission

A United States government agency that regulates interstate and international communications via radio, television, wire, satellite, and cable.