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Selected data from Jordan 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 2017 $375,000 (15,000) $372,400 $360,000 $477,000 $440,000 2018 $392,000 (19,600) Income Statement For the Years Ended December 31 Net sales Cost of goods sold Selling, general, and administrative expenses Other expenses Total operating expenses 2018 $2,008,000 412,000 2,420,000 1,592,000 240,100 40,500 $1,872,600 2017 $1,756,000 305,000 2,061,000 1,428,000 215,900 23,400 $1,667,300

Selected data from Jordan 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 2017 $375,000 (15,000) $372,400 $360,000 $477,000 $440,000 2018 $392,000 (19,600) Income Statement For the Years Ended December 31 Net sales Cost of goods sold Selling, general, and administrative expenses Other expenses Total operating expenses 2018 $2,008,000 412,000 2,420,000 1,592,000 240,100 40,500 $1,872,600 2017 $1,756,000 305,000 2,061,000 1,428,000 215,900 23,400 $1,667,300

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 Jordan Company follow: Balance Sheets As of December 31 Accounts receivable Allowance for doubtful accounts Net accounts receivable Inventories, lower of cost or market Income Statement For the Years Ended December 31 2017 2018 $392,000 $375,000 (19,600) (15,000) $372,400 $360,000 $477,000 $440,000 Net credit sales Net cash sales Net sales Cost of goods sold Selling, general, and administrative expenses Other expenses Total operating expenses Required a. Compute the accounts receivable turnover for 2018. b. Compute the inventory turnover for 2018. c. Compute the net margin for 2017. a. Accounts receivable turnover b. Inventory turnover c. Net margin (For all requirements, round your answers to 2 decimal places.) times times % 2018 $2,008,000 412,000 2,420,000 1,592,000 240,100 40,500 $1,872,600 2017 $1,756,000 305,000 2,061,000 1,428,000 215,900 23,400 $1,667,300
Transcribed Image Text:Selected data from Jordan Company follow: Balance Sheets As of December 31 Accounts receivable Allowance for doubtful accounts Net accounts receivable Inventories, lower of cost or market Income Statement For the Years Ended December 31 2017 2018 $392,000 $375,000 (19,600) (15,000) $372,400 $360,000 $477,000 $440,000 Net credit sales Net cash sales Net sales Cost of goods sold Selling, general, and administrative expenses Other expenses Total operating expenses Required a. Compute the accounts receivable turnover for 2018. b. Compute the inventory turnover for 2018. c. Compute the net margin for 2017. a. Accounts receivable turnover b. Inventory turnover c. Net margin (For all requirements, round your answers to 2 decimal places.) times times % 2018 $2,008,000 412,000 2,420,000 1,592,000 240,100 40,500 $1,872,600 2017 $1,756,000 305,000 2,061,000 1,428,000 215,900 23,400 $1,667,300
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