Walkers World Company gathered the following information for 2019:
Total sales revenue (65% on credit) $432,000
Cost of goods sold 231,000
Sales returns and allowances (on credit) 44,000
Accounts receivable at end of 2019 ($30,000
increase during 2019) 100,000
Allowance for doubtful accounts:
Beginning of 2019 5,000
End of 2019 7,000
Merchandise inventory at end of 2019 ($10,000
decrease during 2019) 28,000
Assume 365 days in the year.
Calculate each of the following ratios.
A. Receivable turnover ratio.
B. Average age of receivables.
C. Inventory turnover ratio.
D. Average number of days' supply in inventory
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