The Partial Balance Sheets and Income Statements for Fun Merchandise

Essay

The partial balance sheets and income statements for Fun Merchandise, Inc., for fiscal years ending June 30, 2019 and 2018 follow (in millions):
Required
a. Calculate accounts receivable turnover for 2019 and 2018. Accounts receivable in 2017 totaled $6,629 million. Has accounts receivable turnover improved during the year or worsened?
b. Calculate inventory turnover for 2019 and 2018. Inventories in 2017 were $6,819 million. Has inventory turnover improved during the year or worsened?
c. Calculate asset turnover for 2019 and 2018 considering that 2017 total assets are $138,014 million.