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  3. solomon company reports the following in its most

Solomon Company reports the following in Its most recent year of operations: Complete this question...

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Accounting

Solomon Company reports the following in Its most recent year of operations: Complete this question entering your answers in the tabs below.
The accounts receivable turnover. Complete this question entering your answers in the tabs below.
Required b
The average collection period. (Assume 365 days a year.) Complete this question entering your answers in the tabs below.
Required b
Required c
The inventory turnover.Complete this question entering your answers in the tabs below.
Required a
Required b
Required c
The average number of days in inventory. (Assume 365 days a year.)
Net sales, $1,123,600(all on account)
Cost of goods sold, $607,200
Gross profit, $516,400
Accounts recelvable, beginning of year, $96,000
Accounts recelvable, end of year, $116,000
Merchandise Inventory, beginning of year, $61,000
Merchandise Inventory, end of year, $71,000.
Based on these balances, compute:
a. The accounts recelvable turnover.
b. The average collection perlod.
c. The inventory turnover.
d. The average number of days in Inventory.
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