Solution-Calculate accounts receivable turnover

Calculate accounts receivable turnover

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Reference no: EM133145026

Question - Selected recent balance sheet and income statement information for Sullivan & Sons Corporation follows:

(in millions)	2016	2015
Average inventory	$21,012	$23,868
Average accounts receivable	57,681	52,755
Average accounts payable	29,726	26,704
Sales	229,104	236,728
Cost of goods sold	175,048	179,398

Required -

a. Calculate accounts receivable turnover for 2016 and 2015. Has it improved during the year or worsened?

b. Calculate inventory turnover for 2016 and 2015. Has it improved during the year or worsened?

Reference no: EM133145026

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Calculate accounts receivable turnover

Reference no: EM133145026

Reference no: EM133145026

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