The 2007 and 2008 balance sheets for alan jack and sons

Reference no: EM13388087

The 2007 and 2008 balance sheets for Alan Jack and Sons showed net accounts receivable of $10,000 and $14,000, respectively, and inventory of $8,000 and $6,000, respectively. Their 2008 income statement showed net sales of $109,500 and cost of goods sold of $70,000. Compute the following ratios for 2008:

1. Accounts receivable turnover.

2. Days' sales in receivables.

3. Inventory turnover.

Reference no: EM13388087

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