Please complete the following textbook problems and upload your answers and work documenting how you arrived at your answers. You can use an Excel spreadsheet or Word document.

Chapter 2, Problem 18, Page 39, Questions a, b, and c

Chapter 1, Scientific Equipment Manufacturing (A problem created by Dr. Bober)

Please consider the following financial data from the past year for Scientific Equipment Manufacturing:

Gross Income........................ $32,280,000

Total Sales............................. $30,126,000

Total Credit Sales................... $22,560,000

Net Income............................. $5,400,000

Cost of Goods Sold................ $18,000,000

Total Assets............................ $16,200,000

Average Inventory................... $4,525,000

Average Receivables.............. $6,275,000

QUESTIONS:

a) Compute the receivables turnover ratio

b) Compute the inventory turnover ratio

c) Compute the asset turnover ratio