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Brief Exercise 4-15 (Algo) Receivables and inventory turnover ratios (L04-10)
Universal Calendar Company began the year with accounts receivable (net) and inventory balances of $160,000 and $80,000,
respectively. Year-end balances for these accounts were $180,000 and $60,000, respectively. Sales for the year of $550,000
generated a gross profit of $180,000.
Calculate the receivables and inventory turnover ratios for the year.
ces
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Receivables Turnover
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Receivables Turnover Ratio
= Receivables turnover ratio
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Inventory Turnover Ratio
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= Inventory Turnover Ratio
= Inventory turnover ratio
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In 2018, laureen is currently single. she paid $2,800 of qualified tuition and related expenses for each of her twin daughters sheri and meri to attend state university as freshmen ($2,800 each for a total of $5,600). sheri and meri qualify as laureen’s dependents. laureen also paid $1,900 for her son ryan’s (also laureen’s dependent) tuition and related expenses to attend his junior year at state university. finally, laureen paid $1,200 for herself to attend seminars at a community college to her improve her job skills.what is the maximum amount of education credits laureen can claim for these expenditures in each of the following alternative scenarios? a. laureen's agi is $45,000.b. laureen’s agi is $95,000.c. laureen’s agi is $45,000 and laureen paid $12,000 (not $1,900) for ryan to attend graduate school (i.e, his fifth year, not his junior year).