Selected data from Emporia Company follow: Balance Sheets As of December 31 2018 2017 Accounts receivable................................ $600,000.........................

Question:

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
Selected data from Emporia Company follow:
Balance Sheets
As of December 31
2018

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

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
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Related Book For  book-img-for-question

Fundamental Managerial Accounting Concepts

ISBN: 978-1259569197

8th edition

Authors: Thomas Edmonds, Christopher Edmonds, Bor Yi Tsay, Philip Olds

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