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Accounts receivable Allowance for doubtful accounts Net accounts receivable Inventories, lower of cost or market Net credit sales Net cash sales As of December 31 Net sales Cost of goods sold Year 3 $402,000 (20, 100) $381,900 $482,000 Selling, general, and administrative expenses Other expenses Total operating expenses Year 2 $377,000 Income Statement For the Years Ended December 31 Required a. Compute the accounts receivable turnover for Year 3. b. Compute the inventory turnover for Year 3. c. Compute the net margin for Year 2. (15,080) $361,920 $435,000 Year 3 $2,007,000 415,000 2,422,000 1,608,000 240,100 40,200 $1,888,300 Year 2 $1,755,000 320,000 2,075,000 1,428,000 215,400 23,800 $1,667,200

Accounts receivable Allowance for doubtful accounts Net accounts receivable Inventories, lower of cost or market Net credit sales Net cash sales As of December 31 Net sales Cost of goods sold Year 3 $402,000 (20, 100) $381,900 $482,000 Selling, general, and administrative expenses Other expenses Total operating expenses Year 2 $377,000 Income Statement For the Years Ended December 31 Required a. Compute the accounts receivable turnover for Year 3. b. Compute the inventory turnover for Year 3. c. Compute the net margin for Year 2. (15,080) $361,920 $435,000 Year 3 $2,007,000 415,000 2,422,000 1,608,000 240,100 40,200 $1,888,300 Year 2 $1,755,000 320,000 2,075,000 1,428,000 215,400 23,800 $1,667,200

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Selected data from Stuart Company follow: Balance Sheets As of December 31 Accounts receivable Allowance for doubtful accounts Net accounts receivable Inventories, lower of cost or market Net credit sales Net cash sales Net sales Year 3 $402,000 (20, 100) $381,900 $482,000 Year 2 $377,000 (15,080) Cost of goods sold Selling, general, and administrative expenses Other expenses Total operating expenses $361,920 $435,000 Income Statement For the Years Ended December 31 Year 3 $2,007,000 415,000 2,422,000 1,608,000 240,100 40,200 $1,888,300 Required a. Compute the accounts receivable turnover for Year 3. b. Compute the inventory turnover for Year 3. c. Compute the net margin for Year 2. (For all requirements, round your answers to 2 decimal places.) Year 2 $1,755,000 320,000 2,075,000 1,428,000 215,400 23,800 $1,667,200
Transcribed Image Text:Selected data from Stuart Company follow: Balance Sheets As of December 31 Accounts receivable Allowance for doubtful accounts Net accounts receivable Inventories, lower of cost or market Net credit sales Net cash sales Net sales Year 3 $402,000 (20, 100) $381,900 $482,000 Year 2 $377,000 (15,080) Cost of goods sold Selling, general, and administrative expenses Other expenses Total operating expenses $361,920 $435,000 Income Statement For the Years Ended December 31 Year 3 $2,007,000 415,000 2,422,000 1,608,000 240,100 40,200 $1,888,300 Required a. Compute the accounts receivable turnover for Year 3. b. Compute the inventory turnover for Year 3. c. Compute the net margin for Year 2. (For all requirements, round your answers to 2 decimal places.) Year 2 $1,755,000 320,000 2,075,000 1,428,000 215,400 23,800 $1,667,200
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