Reference no: EM13336016
Stanley Corporation has no material problem with uncollectible accounts or obsolete inventory. All sales and purchases are on account. The company provided the following information for the year ending 20X7:
Total sales $ 2,600,000
Beginning accounts receivable 700,000
Total purchases of inventory 1,800,000
Beginning inventory 50,000
Collections on accounts receivable 2,400,000
Payments on accounts payable 1,850,000
Cost of goods sold 1,775,000
(a) Calculate the "accounts receivable turnover ratio."
(a) Calculate the "inventory turnover ratio."
(c) If Stanley's competitors have a receivables turnover ratio of "6" and an inventory
turnover ratio of "4," would you initially conclude that Stanley is better or worse than
its competitors in managing receivables and inventory?
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