The 2011 and 2012 balance sheets for Victor and Sons showed net accounts receivable of $12,000 and $16,000, respectively, inventory of $9,000 and $7,000, respectively, and accounts payable of $6,500 and $7,500, respectively The companys 2012 income statement showed net sales of $102,200 and cost of...

The 2011 and 2012 balance sheets for Victor and Sons showed net accounts receivable of $12,000 and

Question:

The 2011 and 2012 balance sheets for Victor and Sons showed net of $12,000 and $16,000, respectively, inventory of $9,000 and $7,000, respectively, and of $6,500 and $7,500, respectively. The company’s 2012 income statement showed net sales of $102,200 and cost of goods sold of $72,270.
Assume all sales on credit. Compute the following ratios for 2012:
1. turnover
2. Inventory turnover

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...