elected data from the financial statements of Bloom's Garden Centre is provided below. 2018 2017
elected data from the financial statements of Bloom's Garden Centre is provided below.
2018
2017
Accounts receivable
$22 000
$56 000
Inventory
50 000
17 000
Total assets
420 000
360 000
Net sales
380 000
270 000
Cost of goods sold
170 000
220 000
Which of the following would result from a horizontal analysis of Bloom's statement of financial position?
Accounts receivable is four times smaller than inventory in 2018
Accounts receivable decreased $34 000 or 60.71% during 2018
Accounts receivable decreased $34 000 or 52.14% during 2018
The accounts receivable turnover ratio is 0.76 in 2018
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