Using figures from the income statement and balance sheet, answer the following questions: a. What was the

Question:

Using figures from the income statement and balance sheet, answer the following questions:

a. What was the company’s inventory turnover for the most recent year reported?

b. Using your answer from part a, what was the average number of days that merchandise remained in inventory before it was sold?

c. Is the company’s operating cycle influenced significantly by its accounts receivable turnover rate? Explain.

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...