Selected data from Emporia Company follow:
Balance Sheets
As of December 31
2018 2017
Accounts receivable................................ $600,000......................... $480,000
Allowance for doubtful accounts................. (40,000)...........................(20,000)
Net accounts receivable........................... $560,000......................... $460,000
Inventories, lower of cost or market............. $500,000......................... $400,000

Required
Compute the following and round computations to two decimal points:
a. The accounts receivable turnover for 2018.
b. The inventory turnover for 2018.
c. The net margin for 2017

Transcribed Image Text:

Income Statement For the Years Ended December 31 Net credit sales Net cash sales Net sales Cost of goods sold Selling, general, and administrative expenses Other expenses Total operating expenses 2018 $2,400,000 600,000 3,000,000 1,800,000 300,000 2017 $1,950,000 450,000 2,400,000 1,520,000 240,000 80,000 50,000 $2,180,000 $1,810,000