The 2017 and 2018 balance sheets for Jim, Inc., showed net accounts receivable of $13,000...
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The 2017 and 2018 balance sheets for Jim, Inc., showed net accounts receivable of $13,000 and $15,000, respectively; inventory of $8,100 and $6,500, respectively; and accounts payable of $5,800 and $7,500, respectively. The company's 2018 income statement showed net sales of $115,500 and cost of goods sold of $69,000. Assume all sales are on credit. Compute the following ratios for 2018: 1. Accounts receivable turnover 2. Inventory turnover 1. Compute the accounts receivable turnover for 2018. (Round the ratio to two decimal places, XXX.) Select the formula needed to determine this amount and then enter the amounts to calculate the ratio. Accounts receivable turnover 2. Compute the inventory turnover for 2018. (Round the ratio to two decimal places, XXX.) Select the formula needed to determine this amount and then enter the amounts to calculate the ratio. Inventory turnover
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