Calculate the receivables and inventory turnover ratios


Universal Calendar Company began the year with accounts receivable and inventory balances of $130,000 and $50,000, respectively. Year-end balances for these accounts were $150,000 and $30,000, respectively. Sales for the year of $400,000 generated a gross profit of $120,000.

Calculate the receivables and inventory turnover ratios for the year. (Round your answers to 2 decimal places.)

Receivables turnover ratio:

Inventory turnover ratio:

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Accounting Basics: Calculate the receivables and inventory turnover ratios
Reference No:- TGS0696606

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