Selected data from Stuart Company follow: Balance Sheets As of December 31 Accounts receivable Allowance for...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Selected data from Stuart Company follow: Balance Sheets As of December 31 Accounts receivable Allowance for doubtful accounts Net accounts receivable Year 3 $402,000 (20, 100) Year 2 $377,800 (15,088) $361,920 $381,900 Inventories, lower of cost or market $482,000 $435,000 Income Statement For the Years Ended December 31 Net credit sales Net cash sales Year 3 $2,007,000 415,000 2,422,000 Year 2 $1,755,000 320,000 2,875,000 Net sales Cost of goods sold Selling, general, and administrative expenses 1,608,000 240, 100 40,200 1,428,e00 215,400 23,800 $1,667,200 Other expenses Total operating expenses $1,888,300 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.) a. Accounts receivable turnover 562,860.00 times 0.55 times b. Inventory turnover c. Net margin 19.65 % Selected data from Stuart Company follow: Balance Sheets As of December 31 Accounts receivable Allowance for doubtful accounts Net accounts receivable Year 3 $402,000 (20, 100) Year 2 $377,800 (15,088) $361,920 $381,900 Inventories, lower of cost or market $482,000 $435,000 Income Statement For the Years Ended December 31 Net credit sales Net cash sales Year 3 $2,007,000 415,000 2,422,000 Year 2 $1,755,000 320,000 2,875,000 Net sales Cost of goods sold Selling, general, and administrative expenses 1,608,000 240, 100 40,200 1,428,e00 215,400 23,800 $1,667,200 Other expenses Total operating expenses $1,888,300 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.) a. Accounts receivable turnover 562,860.00 times 0.55 times b. Inventory turnover c. Net margin 19.65 %
Expert Answer:
Answer rating: 100% (QA)
a Accounts receivable turnover Net credit sales Average net accounts re... View the full answer
Related Book For
Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078025778
17th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
Posted Date:
Students also viewed these accounting questions
-
Selected data from Emporia Company follow: Balance Sheets As of December 31 2018 2017 Accounts receivable................................ $600,000......................... $480,000 Allowance for...
-
The condensed balance sheets as of December 31 for Rice and Associates and Rachel Excavation are as follows: As of December 31, the market values of Rachels inventories and property, plant, and...
-
The condensed balance sheets as of December 31 for Rice and Associated and Rachel Excavation are as follows: As of December 31, the market values of Rachel's inventories and fixed assets were $70,000...
-
Consider X[k] be the N-point DFT of an N-point sequence x[n]. (20 %) x [n] = {1, -2, 1, 3} x [n] = {0, 2, -1,0,0,4} (a) Determine the linear convolution x [n] * x [n] (5%) (b) Determine the...
-
From the following financing sources, identify the companys financial structure and capital structure and calculate the proportion or weight of each. Sources Amounts Retained earnings .. $450,000...
-
Antique Dealer has a mint condition, in-the-box, never opened Stinky Pete the Prospector doll from the popular 1950s television show, Woody's Roundup . Collector, who is a big fan of the show,...
-
All market-based societies place limits on what can be bought and sold. What determines when it is appropriate to restrict the market? For example, should people be able to sell one of their kidneys?...
-
On October 1, 2011, Evans Corporation declared a $50,000 cash dividend to be paid on December 30 to shareholders of record on November 20. Required Record the events occurring on October 1, November...
-
What frameworks can organizations use to ensure ethical decision-making, and how do organizational values and ethics influence stakeholder relationships and corporate reputation ?
-
Sullivan Ranch Corporation has purchased a new tractor. The following information is given: $150,000 $10,000 Cost: Estimated Residual: Estimated Life in years: Estimated Life in hours: Actual Hours:...
-
Use the Credit data to perform the following tests using Linear Regression settings: Online quiz (Q9 to Q10) will be based on the results of the regressions performed below. i. Test whether Age...
-
What types of securities do VCs hold, and what protections do they have?
-
Wales Remodeling applies revaluation accounting to equipment that is recorded on its books at 800,000, with 100,000 of accumulated depreciation after depreciation for the year recorded. It has...
-
When agreeing to a SPAC merger, what uncertainty does the target firm face that affects the effective terms of the deal?
-
Derive an expression for the gravitational potential energy of a system consisting of Earth and a brick of mass \(m\) placed at Earth's center. Take the potential energy for the system with the brick...
-
Describe just-in-time inventory management.
-
Find and fix the error in the below Program import java . io . BufferedReader; import java . io . IOException; import java . io . InputStreamReader; public class Wonderland { static Actions actions;...
-
Sundial Technologies produces and sells customized network systems in New Brunswick. The company offers a 60-day, all software and labor-and an extra 90-day, parts-only- warranty on all of its...
-
Why are unfavorable variances recorded by using debit entries and favorable variances recorded by using credit entries?
-
Sutherland manufactures and sells 50,000 laser printers each month. A principal component part in each printer is its paper feed drive. Sutherland's plant currently has the monthly capacity to...
-
Mate Ease is an Internet dating service. All members pay in advance to b e listed in the database. Advance payments are credited to an account entitled Unearned Member Dues. Adjusting entries are...
-
The steel rod having a diameter of 1 in. is subjected to an internal moment of M = 300lbft. Determine the stress created at points A and B. Also, sketch a three-dimensional view of the stress...
-
The steel beam has the cross-sectional area shown. If w=5 kip/ft, determine the absolute maximum bending stress in the beam. W 8 8 ft- 8 ft W ft- -8 ft- .8 in. 0.30 in. 0.3 in.- 10 in. 0.30 in.
-
The steel beam has the cross sectional area shown. Determine the largest intensity of distributed load w that it can support so that the bending stress does not exceed max = 22 ksi. 8 ft- 8 ft W -8...
Study smarter with the SolutionInn App