Exercise- Flite Corporation has issued common stock only. The company has been successful and has a gross profit rate of 20%. The information shown below was taken from the company's financial statements.
Beginning inventory
|
$ 482,000
|
Purchases
|
4,036,000 |
Ending inventory
|
? |
Average accounts receivable
|
800,000 |
Average common stockholders' equity
|
3,500,000 |
| Sales (all on credit) |
5,000,000 |
Net income
|
385,000 |
Accounts receivable turnover and the average collection period. (Round answers to 2 decimal places, e.g. 52.75.)
Inventory turnover and the days in inventory. (Round answers to 1 decimal place, e.g. 52.7.)
Return on common stockholders' equity.