The partial balance sheets and income statements for Peter Gilgen & Co. for fiscal years ending June 30, 2016 and 2015 follow:
A. Calculate accounts receivable turnover (ART) for 2016 and 2015. Accounts receivable in 2014 totaled $10,670 million. Has ART improved during the year or worsened?
B. Calculate inventory turnover (INVT) for 2016 and 2015. Inventories in 2014 were $12,768 million. Has INVT improved during the year or worsened?
C. Calculate asset turnover (AT) for 2016 and 2015 considering that 2014 total assets are $256,344 million. Has AT improved during the year or worsened?

Question

The partial balance sheets and income statements for Peter Gilgen & Co. for fiscal years ending June 30, 2016 and 2015 follow:
   A. Calculate accounts receivable turnover (ART) for 2016 and 2015. Accounts receivable in 2014 totaled $10,670 million. Has ART improved during the year or worsened?
B. Calculate inventory turnover (INVT) for 2016 and 2015. Inventories in 2014 were $12,768 million. Has INVT improved during the year or worsened?
C. Calculate asset turnover (AT) for 2016 and 2015 considering that 2014 total assets are $256,344 million. Has AT improved during the year or worsened?

Quizplus · Accepted Answer

The Answer of The partial balance sheets and income statements for Peter Gilgen & Co. for fiscal years ending June 30, 2016 and 2015 follow:
   A. Calculate accounts receivable turnover (ART) for 2016 and 2015. Accounts receivable in 2014 totaled $10,670 million. Has ART improved during the year or worsened?
B. Calculate inventory turnover (INVT) for 2016 and 2015. Inventories in 2014 were $12,768 million. Has INVT improved during the year or worsened?
C. Calculate asset turnover (AT) for 2016 and 2015 considering that 2014 total assets are $256,344 million. Has AT improved during the year or worsened?

The Partial Balance Sheets and Income Statements for Peter Gilgen