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Brief Exercise 4-15 (Algo) Receivables and inventory turnover ratios (L04-10)
Universal Calendar Company began the year with accounts receivable (net) and inventory balances of $160,000 and $80,000,
respectively. Year-end balances for these accounts were $180,000 and $60,000, respectively. Sales for the year of $550,000
generated a gross profit of $180,000.
Calculate the receivables and inventory turnover ratios for the year.
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Receivables Turnover
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Receivables Turnover Ratio
= Receivables turnover ratio
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Inventory Turnover Ratio
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= Inventory Turnover Ratio
= Inventory turnover ratio
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