Problem: The following financial statement data are for Moonbeam Inc.
2015 2014 2013
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$265,000 $220,000 $180,000
Accounts receivable (net) . . . . . . . . . . . . . . . . . . . . . . . 75,000 65,000 30,000
Property, plant, and equipment (net) . . . . . . . . . . . . . . . 190,000 155,000 160,000
For 2014 and 2015, compute:
(a) Accounts receivable turnover
(b) Average collection period
(c) Fixed asset turnover
Use the average of the beginning and ending asset balances in computing the ratios.