Selected recent balance sheet and income statement information for Book Products, Inc. follows (in $ millions):
$$\begin{array} { l r }
\text { Average accounts receivable } & \$ 9,846 \
\text { Average inventory } & 5,814 \
\text { Net sales } & 56,504 \
\text { Cost of goods sald } & 30,632 \
\text { Pretax incame } & ( 933 ) \
\text { Net income } & ( 1,798 )
\end{array}$$ Compute accounts receivable turnover and inventory turnover.

Question

Selected recent balance sheet and income statement information for Book Products, Inc. follows (in $ millions):
 $$\begin{array} { l r } 
\text { Average accounts receivable } & \$ 9,846 \
\text { Average inventory } & 5,814 \
\text { Net sales } & 56,504 \
\text { Cost of goods sald } & 30,632 \
\text { Pretax incame } & ( 933 ) \
\text { Net income } & ( 1,798 )
\end{array}$$ Compute accounts receivable turnover and inventory turnover.

Quizplus · Accepted Answer

The Answer of Selected recent balance sheet and income statement information for Book Products, Inc. follows (in $ millions):
 $$\begin{array} { l r } 
\text { Average accounts receivable } & \$ 9,846 \
\text { Average inventory } & 5,814 \
\text { Net sales } & 56,504 \
\text { Cost of goods sald } & 30,632 \
\text { Pretax incame } & ( 933 ) \
\text { Net income } & ( 1,798 )
\end{array}$$ Compute accounts receivable turnover and inventory turnover.

Selected Recent Balance Sheet and Income Statement Information for Book