Please dont provide solution image based solution thanx Exercise 13-11A (Algo) Accounts receivable turnover, Inventory turnover, and net margin LO 13-2, 13-4Selected data from Rooney Company follow.Accounts receivableAllowance for doubtful accountsNet accounts receivableInventories, lower of cost or marketNet credit sales.Net cash salesNet salesBalance SheetsAs of December 31Cost of goods soldSelling, general, and administrative expensesOther expensesTotal operating expensesa. Accounts receivable turnoverb. Inventory turnoverc. Net marginIncome StatementFor the Years Ended December 31Year 3$402,000(20,100)$381,900$481,500Requireda. 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.)5.43 timestimes%Year 2$373,000(14,920)$358,080$440,000Year 3$2,010,000415,0002,425,0001,594,000239,90040,100$1,874,000Year 2$1,752,000317,0002,069,0001,436,000215,60022,300$1,673,980

Account receivables turnover = Net sales / Average account receivablesInventory turnover = Cost of…

Exercise 13-11A (Algo) Accounts receivable turnover, Inventory turnover, and net margin LO 13-2, 13-4 Selected data from Rooney 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 Income Statement For the Years Ended December 31 Cost of goods sold Selling, general, and administrative expenses Other expenses Total operating expenses Year 3 $402,000 (20,100) $381,900 $481,500 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. Year 2 $373,000 (14,920) $358,080 $440,000 Year 3 $2,010,000 415,000 2,425,000 1,594,000 239,900 40,100 $1,874,000 Year 2 $1,752,000 317,000 2,069,000 1,436,000 215,600 22,300 $1,673,900

Exercise 13-11A (Algo) Accounts receivable turnover, Inventory turnover, and net margin LO 13-2, 13-4 Selected data from Rooney 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 Income Statement For the Years Ended December 31 Cost of goods sold Selling, general, and administrative expenses Other expenses Total operating expenses Year 3 $402,000 (20,100) $381,900 $481,500 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. Year 2 $373,000 (14,920) $358,080 $440,000 Year 3 $2,010,000 415,000 2,425,000 1,594,000 239,900 40,100 $1,874,000 Year 2 $1,752,000 317,000 2,069,000 1,436,000 215,600 22,300 $1,673,900

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Differentiate AIS from MIS
Define Tagging in XBRL
subject:accunting information system. Q: explainDocument flowcharts and give two examples.
what is the differnce between quickbooks online and QuickBooks desktop?
What records classified and summarized transactional data? Multiple Choice O O O O proof-of-work ledger hash distributed computing
Briefly explain the importance of conceptual or internal mapping in DBMS
Does a user view always require multiple tables to support it? Explain.
look at the image to solve the question
ne NPV of go ərket..(Do nc ID
Define call option
The easiest way to change the order in a chart is in the __________. Multiple Choice underlying spreadsheet slicer chart options chart itself