Selected data from Stuart Company follow: Balance Sheets As of December 31 Accounts receivable Allowance for...
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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 %
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Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078025778
17th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
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