The 2015 and 2016 balance sheets for Flores, Inc., showed net accounts receivable of $13,000 and $17,000,

Question:

The 2015 and 2016 balance sheets for Flores, Inc., showed net accounts receivable of $13,000 and $17,000, respectively, inventory of $12,000 and $9,000, respectively, and accounts payable of $6,000 and $8,000, respectively. The company's 2016 income statement showed net sales of $189,000 and cost of goods sold of $98,910. Assume all sales on credit. Compute the following ratios for 2016:

1. Accounts receivable 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...