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.

Question

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.

Quizplus · Accepted Answer

The Answer of 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.

The Partial Balance Sheets and Income Statements for Fun Merchandise