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Selected data from Campbell 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 Cost of goods sold Selling, general, and administrative expenses Other expenses Total operating expenses Accounts receivable turnover Inventory turnover Net margin Income Statement For the Years Ended December 31 Year 3 $395,000 (19,750) $375,250 $476,500 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) Smes Smes Year 2 $378,000 (15,120) $362,880 $433,000 Year 3 $2,011,000 412,000 2,423,000 1,600,000 239,500 41,000 $1,000, 500 Year 2 $3,754,000 318,000 2,072,000 1,422,000 214,300 23,200 $1,659,500

Selected data from Campbell 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 Cost of goods sold Selling, general, and administrative expenses Other expenses Total operating expenses Accounts receivable turnover Inventory turnover Net margin Income Statement For the Years Ended December 31 Year 3 $395,000 (19,750) $375,250 $476,500 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) Smes Smes Year 2 $378,000 (15,120) $362,880 $433,000 Year 3 $2,011,000 412,000 2,423,000 1,600,000 239,500 41,000 $1,000, 500 Year 2 $3,754,000 318,000 2,072,000 1,422,000 214,300 23,200 $1,659,500

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 Campbell Company follow. Accounts receivable Allowance for doubtful accounts Net accounts receivable Inventories, lower of cost or market Balance Sheets As of December 31 Net credit sales Net cash sales Net sales Cost of goods sold. Selling, general, and administrative expenses Other expenses Total operating expenses Accounts receivable turnover b. Inventory turnover Net margin 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 (For all requirements, round your answers to 2 decimal places.) Year 3 $395,000 (19,750) $375,250 $476,500 times Smes % Year 2 $378,000 (15,120) $362,888 $433,000 Year 3 $2,011,000 412,000 2,423,000 1,600,000 239,500 41,000 $1,000, 500 Year 2 $1,754,000 318,000 2,072,000 1,422,000 214,300 23,200 $1,659,500
Transcribed Image Text:Selected data from Campbell Company follow. Accounts receivable Allowance for doubtful accounts Net accounts receivable Inventories, lower of cost or market Balance Sheets As of December 31 Net credit sales Net cash sales Net sales Cost of goods sold. Selling, general, and administrative expenses Other expenses Total operating expenses Accounts receivable turnover b. Inventory turnover Net margin 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 (For all requirements, round your answers to 2 decimal places.) Year 3 $395,000 (19,750) $375,250 $476,500 times Smes % Year 2 $378,000 (15,120) $362,888 $433,000 Year 3 $2,011,000 412,000 2,423,000 1,600,000 239,500 41,000 $1,000, 500 Year 2 $1,754,000 318,000 2,072,000 1,422,000 214,300 23,200 $1,659,500
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