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Intro Sales for the year were $82,000 and cost of goods sold were $65,600. The...

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Accounting

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Intro Sales for the year were $82,000 and cost of goods sold were $65,600. The balance sheet at the end of the year is given below Assets Liabilities and Equity Cash 8,000 Accounts payable 18,000 Accounts receivable 5,000 Current liabilities 18,000 27,000 Long-term debt 95,000 Inventory Current assets 40,000 Total liabilities 113,000 Machines 34,000 Paid-in capital 20.000 Real estate 80,000 Retained earnings 21,000 Net fixed assets 114,000 Equity 41,000 Total assets 154,000 Total liab. & equity 154,000 Part 1 Attempt 1/3 for 10 pts What is the firm's average collection period (days sales outstanding)? 1+ decimals Submit Part 2 Attempt 1/3 for 10 pts. What is the inventory turnover ratio? 2+ decimals Submit

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