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2 Comparative financial statements for Heritage Antiquing Services for the fiscal year ending December 31 appear on the following page. The company did not issue any new common or preferred stock during the year. A total of 600,000 shares of common stock were outstanding. The interest rate on the bond payable was 10%, the income tax rate was 40%, and the dividend per share of common stock wes $0.75. The market value of the company's common stock at the end of the year was $26. All of the company's sales are on account. Ege Antiquing Services Comparative Balance Beat (dollar in thousanda) BOOK LAN You Year frences $ 1,080 $ 1,210 9,000 6.500 12,000 10.600 500 22, 680 18,810 9.000 9.000 36.800 39,000 65.000 47.000 5.68, 480 $65, 10 Assets Current Anna Canh Account Logivable, Det Inventory Prepaid expenses Total current Asset Property and equipment Land Buildings and equipment net Total operty and equipment Total Liabilities and stockholders' Equity Current liabilitat Accounts payabla Accued payables Botes payable, short term Total current liabilities Long-term liabilities: Bonds payable Total liabilities Stockholders' equity! Preferred stock Common stock Additional paid-in capital Total paid-in capital Retained earnings Total stockholders' equity Total i antyhole $18.500 $17.400 900 100 10.200 700 19,400 8,000 27.400 B,000 26,200 1,000 1.000 2,000 2,000 4.000 4,000 7.000 7.000 34,080 32,610 43,000 39.610 $ 68,430065, 010 Required: 2. Compute the following financial data for short-term creditors for this year: 1. Accounts receivable turnover. (Round your answer to 1 decimal place.) eBook References Accounts receivable turnover 8.5 2. Inventory turnover. (Round your answer to 1 decimal place.) Inventory turnover [From Garrison: Managerial Accounting, 14e (0078111005): E15-3: 6 ani ACHY 2 Comparative financial statements for Heritage Antiquing Services for the fiscal year ending December 31 appear on the following page. The company did not issue any new common or preferred stock during the year. A total of 600,000 shares of common stock were outstanding. The Interest rate on the bond payable was 10%, the income tax rate was 40%, and the dividend per share of common stock was $075. The market value of the company's common stock at the end of the year was $26. All of the company's sales are on account Antiqing Le Comparative and the dollar in thousands Last Year Year 1,000 1.210 9.000 6.500 12.000 10,600 600 500 22,600 18,810 9.000 9,000 36.900 38.000 45. DO 67.000 $68,400 565, 10 Assets Current et Cash Accounts receivable, bet Taventory Prepaid expenses Total current site Property and equipment Land muding and quiet, het Total property and equipment Totats tiabilities and stockholders uity Current liabilities Recounts payable Moond payables Notes payable, short term Total euroa Long-term liablaties Soils payable Total liabilities stockholders equity Preferred toek Conan atok Additional paid in capital Total paid in capital Betained earnings Total stockholders uit 9.10.500 $17,400 900 960 100 19.400 18,200 1.000 26.200 27.400 1.000 2.000 1.000 2.000 4.000 7,000 34.000 41.080 7.000 32-610 39,610 HHI 2 Comparative financial statements for Heritage Antiquing Services for the fiscal year ending December 31 appear on the following page. The company did not issue any new common or preferred stock during the year. A total of 600,000 shares of common stock were outstanding. The interest rate on the bond payable was 10%, the income tax rate was 40%, and the dividend per share of common stock wes $0.75. The market value of the company's common stock at the end of the year was $26. All of the company's sales are on account. Ege Antiquing Services Comparative Balance Beat (dollar in thousanda) BOOK LAN You Year frences $ 1,080 $ 1,210 9,000 6.500 12,000 10.600 500 22, 680 18,810 9.000 9.000 36.800 39,000 65.000 47.000 5.68, 480 $65, 10 Assets Current Anna Canh Account Logivable, Det Inventory Prepaid expenses Total current Asset Property and equipment Land Buildings and equipment net Total operty and equipment Total Liabilities and stockholders' Equity Current liabilitat Accounts payabla Accued payables Botes payable, short term Total current liabilities Long-term liabilities: Bonds payable Total liabilities Stockholders' equity! Preferred stock Common stock Additional paid-in capital Total paid-in capital Retained earnings Total stockholders' equity Total i antyhole $18.500 $17.400 900 100 10.200 700 19,400 8,000 27.400 B,000 26,200 1,000 1.000 2,000 2,000 4.000 4,000 7.000 7.000 34,080 32,610 43,000 39.610 $ 68,430065, 010 Saved Activity Ratlos 2 eBook References Heritage Antiquing Services Comparative Income Statement and Reconciliation dollars in thousands) This Lant Year Year Sales $ 66,000 $ 64,000 Coat of goods sold 43,000 42.000 Gross margin 23,000 22,000 Selling and administrative expenses: Selling expenses 11,500 11,000 Administrative expenses 7.400 7.000 Total selling and administrative expenses 18,900 18,000 Net operating income 4,100 4,000 Interest expense 800 Net income before taxes 3,300 3,200 Income taxes 1,320 1.280 Net income 1.980 1,920 Dividends to preferred stockholders 60 400 Net income remaining for common stockholders 1.920 1,520 Dividends to common stockholders 450 450 Net income added to retained earnings 1.470 1,070 Retained earnings, beginning of year 32, 610 31,540 Retained earnings, end of year $ 34,080 $32,610 800 Required: Compute the following financial data for short-term creditors for this year: 1. Accounts receivable turnover. (Round your answer to 1 decimal place.) Accounts receivable turnover

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