rk: Assignment 2 ipaesSelected data from Emporia Company follow:Balance SheetsAs of December 31Accounts receivableYear 3Year 2000 009$(000'06)000'09s$$460,000Allowance for doubtful accounts000'08t$Net accounts receivableTo00'oz)Inventories, lower of cost or market$500,000000'00t$Income StatementFor the Years Ended December 31Year 3Year 2Net credit sales000'005zs000'009Net cash sales000'0s6 'TSNet sale3000'000 'E000'005 'Z1,520,000Cost of goods soldSelling, general, and administrative expensesOther expenses0001008 'T000'008000'08000'08I'ZS$1,810,000000'05Z000'osTotal operating expensesRequireda. 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.)timesAccounts receivable turnovera.timesInventory turnoverNet marginC.

The Debtors Turn over ratio is calculated for the purpose of determining how many times debtors are…

Selected data from Emporia Company follow: Balance Sheets As of December 31 Accounts receivable Allowance for doubtful accounts Year 3 Year 2 000 009$ $480,000 (o00'06) Net accounts receivable To00'oz) Inventories, lower of cost or market 000'09S$ 000'095$ $500,000 000'005$ Income Statement For the Years Ended December 31 Year 3 Year 2 Net credit sales 000'005'7s 1,950,000 000'009 Net cash sales 000'OsE Net sales 000'000 'E 000'005 'z Cost of goods sold Selling, general, and administrative expenses 000*008'T 000'00s 000'08 $1,810,000 1,520,000 000'057 Other expenses 000ʻ0S Total operating expenses $2,180,000 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.) times Accounts receivable turnover a. times Inventory turnover b. Net margin

Selected data from Emporia Company follow: Balance Sheets As of December 31 Accounts receivable Allowance for doubtful accounts Year 3 Year 2 000 009$ $480,000 (o00'06) Net accounts receivable To00'oz) Inventories, lower of cost or market 000'09S$ 000'095$ $500,000 000'005$ Income Statement For the Years Ended December 31 Year 3 Year 2 Net credit sales 000'005'7s 1,950,000 000'009 Net cash sales 000'OsE Net sales 000'000 'E 000'005 'z Cost of goods sold Selling, general, and administrative expenses 000*008'T 000'00s 000'08 $1,810,000 1,520,000 000'057 Other expenses 000ʻ0S Total operating expenses $2,180,000 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.) times Accounts receivable turnover a. times Inventory turnover b. Net margin

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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At what amount will accounts receivable for Anderson Company be reported on the balance sheet if the gross receivable balance is $52,000 and the allowance for doubtful accounts is estimated at 4% of gross receivables? Select one: A. $28,200 B. $49,920 C. $52,960 D. $47,000
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Selected data from Fanning Company follow: Balance SheetsAs of December 31 Year 3 Year 2 Accounts receivable $ 392,000 $ 375,000 Allowance for doubtful accounts (19,600 ) (15,000 ) Net accounts receivable $ 372,400 $ 360,000 Inventories, lower of cost or market $ 478,000 $ 431,000 Income StatementFor the Years Ended December 31 Year 3 Year 2 Net credit sales $ 2,019,000 $ 1,753,000 Net cash sales 408,000 314,000 Net sales 2,427,000 2,067,000 Cost of goods sold 1,602,000 1,434,000 Selling, general, and administrative expenses 239,600 214,500 Other expenses 39,600 22,100 Total operating expenses $ 1,881,200 $ 1,670,600 Requireda. Compute the accounts receivable turnover for Year 3.b. Compute the inventory turnover for Year 3.c. Compute the net margin for Year 2.
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