Essay
Selected recent balance sheet and income statement information for Catnip, Inc. follows:
A. Calculate accounts receivable turnover (ART) for 2016 and 2015. Has ART improved during the year or worsened?
B. Calculate inventory turnover (INVT) for 2016 and 2015. Has INVT improved during the year or worsened?
Correct Answer:
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A. 2016 ART = $43,335 / $4,488 = 9.66
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