The 2013 and 2014 balance sheets for Jackson and Sons
The 2013 and 2014 balance sheets for Jackson and Sons showed net accounts receivable of $10,000 and $14,000, respectively, and inventory of $8,000 and $6,000, respectively. The company’s 2014 income statement showed net sales of $109,500 and cost of goods sold of $70,000. Compute the following ratios for 2014:
1. Accounts receivable turnover
2. Days’ sales in receivables
3. Inventory turnover
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