Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Selected data from Finch Company follow: Balance Sheets As of December 31 2018 Accounts receivable $396,000 Allowance for doubtful accounts (19,800) Net accounts receivable $376,200

image text in transcribed
image text in transcribed
image text in transcribed
Selected data from Finch Company follow: Balance Sheets As of December 31 2018 Accounts receivable $396,000 Allowance for doubtful accounts (19,800) Net accounts receivable $376,200 Inventories, lower of cost or $482,500 market 2017 $374,000 (14,960) $359, 040 $438,000 Income Statement For the Years Ended December 31 2018 Net credit sales $2,007,000 Net cash sales 403,000 Net sales 2,410,000 Cost of goods sold 1,596,000 Selling, general, and administrative 239,700 expenses Other expenses 39,000 Total operating expenses $1,874,700 - 2017 $1,758,000 310,000 2,068,000 1,424,000 214,900 22,300 $1,661,200 Required a. Compute the accounts receivable turnover for 2018. b. Compute the inventory turnover for 2018. c. Compute the net margin for 2017. (For all requirements, round your answers to 2 decimal places.) times a. Accounts receivable turnover b. Inventory turnover c. Net margin times

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Pioneers Of Critical Accounting A Celebration Of The Life Of Tony Lowe

Authors: Jim Haslam, Prem Sikka

1st Edition

113754211X, 9781137542113

More Books

Students also viewed these Accounting questions

Question

=+b) Are the conditions for two-way ANOVA met?

Answered: 1 week ago

Question

Appreciate the services that consultants provide

Answered: 1 week ago

Question

Know about the different kinds of consultants

Answered: 1 week ago