American Bacon Inc. financial statements are presented in the table below. Based on the information in the table, calculate the firm’s accounts receivable turnover ratio.
American Bacon Inc. financial statements are presented in the table below.
Based on the information in the table, calculate the firm’s accounts receivable turnover ratio.
Round the answers to two decimal places
Balance Sheet December 31, 2010
Cash and marketable securities$102,000Accounts payable $287,000Accounts receivable$299,000Notes payable$61,200Inventories$628,000Accrued expenses$51,900Prepaid expenses$10,300Total current liabilities$400,100Total current assets$1,039,300Long-term debt$415,000Gross fixed assets$1,502,000Par value and paid-in-capital$376,000Less: accumulated depreciation$312,000Retained Earnings$1,038,200Net fixed assets $1,190,000Common Equity1,414,200Total assets$2,229,300Total liabilities and owner’s equity$2,229,300Income statement, Year of 2010
Net sales (all credit)$6,387,700.00Less: Cost of goods sold$4,726,898.00Selling and administrative expenses$345,000.00Depreciation expense$148,000.00EBIT$1,167,802.00Interest expense$50,600.00Earnings before taxes$1,117,202.00Income taxes$446,880.80Net income $670,321.20
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