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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
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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Exercise 13-11A (Algo) Accounts receivable turnover, Inventory turnover, and net margin LO 13-2, 13-4 Selected data from Rooney Company follow. Accounts receivable Allowance for doubtful accounts Net accounts receivable Inventories, lower of cost or market Net credit sales. Net cash sales Net sales Balance Sheets As of December 31 Cost of goods sold Selling, general, and administrative expenses Other expenses Total operating expenses a. Accounts receivable turnover b. Inventory turnover c. Net margin Income Statement For the Years Ended December 31 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. (For all requirements, round your answers to 2 decimal places.) 5.43 times times % 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 $1,673,980
Transcribed Image Text:Exercise 13-11A (Algo) Accounts receivable turnover, Inventory turnover, and net margin LO 13-2, 13-4 Selected data from Rooney Company follow. Accounts receivable Allowance for doubtful accounts Net accounts receivable Inventories, lower of cost or market Net credit sales. Net cash sales Net sales Balance Sheets As of December 31 Cost of goods sold Selling, general, and administrative expenses Other expenses Total operating expenses a. Accounts receivable turnover b. Inventory turnover c. Net margin Income Statement For the Years Ended December 31 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. (For all requirements, round your answers to 2 decimal places.) 5.43 times times % 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 $1,673,980
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