Selected financial statement information for 2008 and 2007 for Splendid Corporation are presented below: Splendid Corporation Income Statement For the Year Ended December 31 2008 2007 Net Sales (on all account) $571,660 $556,920 Expenses Cost of goods sold 404,700 388,395 Selling and administrative expenses 118,560 129,300 Interest expense 5,320 5,095 Income tax expense 18,050 16,120 Total expenses 546,630 538,910 Net Income $25,030 $18,010 Splendid Corporation Balance Sheet December 31 2008 2007 Assets Current Assets Cash $19,800 $16,775 Short-term investments 13,870 12,860 Accounts receivable 69,600 64,735 Inventory 73,720 66,675 Total current assets $176,990 $161,045 Net Fixed assets 358,765 368,600 Total Assets $535,755 $529,645 Liabilities & Stockholders' Equity Current liabilities Accounts payable $98,180 $100,535 Income taxes payable 19,430 18,690 Total current liabilities 117,610 119,225 Long-term liabilities Notes payable 104,075 79,750 Total Liabilities 221,685 198,975 Stockholders' equity Common stock ($4.75 par value) 131,290 145,110 Retained earnings 182,780 185,560 Total Stockholders' equity 314,070 330,670 Total liabilities and stockholders' equity $535,755 $529,645 Calculate the receivables turnover for 2008 of Splendid Corporation.
Selected financial statement information for 2008 and 2007 for Splendid Corporation are presented below:
Splendid Corporation
Income Statement
For the Year Ended December 31
2008 2007
Net Sales (on all account) $571,660 $556,920
Expenses
Cost of goods sold 404,700 388,395
Selling and administrative expenses 118,560 129,300
Interest expense 5,320 5,095
Income tax expense 18,050 16,120
Total expenses 546,630 538,910
Net Income $25,030 $18,010
Splendid Corporation
Balance Sheet
December 31
2008 2007
Assets
Current Assets
Cash $19,800 $16,775
Short-term investments 13,870 12,860
Inventory 73,720 66,675
Total current assets $176,990 $161,045
Net Fixed assets 358,765 368,600
Total Assets $535,755 $529,645
Liabilities &
Current liabilities
Accounts payable $98,180 $100,535
Income taxes payable 19,430 18,690
Total current liabilities 117,610 119,225
Long-term liabilities
Notes payable 104,075 79,750
Total Liabilities 221,685 198,975
Stockholders' equity
Common stock ($4.75 par value) 131,290 145,110
Total Stockholders' equity 314,070 330,670
Total liabilities and stockholders' equity $535,755 $529,645
Calculate the receivables turnover for 2008 of Splendid Corporation.
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