Presented below are select financial data from the annual report:
|
Amounts in millions
|
Year 1
|
Year 2
|
|
Balance sheet
|
|
Accounts receivable (net)
|
$14,233
|
$14,851
|
|
Inventory
|
9,778
|
10,474
|
|
Income statement
|
|
Net sales
|
$84,705
|
$92,589
|
|
Cost of goods sold
|
61,759
|
66,814
|
Calculate the following ratios:
Accounts receivable turnover
Receivable collection period
Inventory turnover
Inventory-on-hand period
Evaluate General Electric's accounts receivable and in