Exercise 9-11A (Algo) Accounts receivable turnover, inventory turnover, and net margin LO 9-2, 9-4 Selected data from Franklin Company follow Balance Sheets As of December 31 Year 3 Year 2 Book Accounts receivable $391,000 $376,000 Hint Allowance for doubtful accounts (19,550) (15,040) Net accounts receivable $371,450 $360,960 Ask Inventories, lover of cost or market $470,000 $440,000 Print erences Income Statement For the Years Ended December 31 Year 3 $2,012,000 406,000 2,418,000 Het credit sales Net cash sales Net sales Cost of goods sold Selling, general, and adeinistrative expenses Other expenses Total operating expenses Ranuired Year 2 $1,756,000 313,000 2,069,000 1,606,000 1,440,000 239,400 40,700 $1,886,100 214,200 22,900 $1,677,100