Balance Sheet Data Accounts receivable Allowance for doubtful accounts Net accounts receivable Inventories-lower of cost or market Income Statement Data Net credit sales Net cash sales Net sales Cost of goods sold Selling, general, and administrative expenses Other Total operating expenses Required: 1. What is the accounts receivable turnover for 20X1? 2. What is the inventory turnover for 20X1? As of December 31, 20X0 $470,000 20X1 $500,000 (25,000) $475,000 $600,000 (20,000) $450,000 $550,000 Year Ended December 31, 20X1 20X0 $2,500,000 $2,200,000 500,000 400,000 $3,000,000 $2,600,000 $2,000,000 $1,800,000 300,000 270,000 50,000 30,000 $2,350,000 $2,100,000

Balance Sheet Data Accounts receivable Allowance for doubtful accounts Net accounts receivable Inventories-lower of cost or market Income Statement Data Net credit sales Net cash sales Net sales Cost of goods sold Selling, general, and administrative expenses Other Total operating expenses Required: 1. What is the accounts receivable turnover for 20X1? 2. What is the inventory turnover for 20X1? As of December 31, 20X0 $470,000 20X1 $500,000 (25,000) $475,000 $600,000 (20,000) $450,000 $550,000 Year Ended December 31, 20X1 20X0 $2,500,000 $2,200,000 500,000 400,000 $3,000,000 $2,600,000 $2,000,000 $1,800,000 300,000 270,000 50,000 30,000 $2,350,000 $2,100,000

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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