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Selected data from Rooney Company follow: Balance Sheets As of December 31 Accounts receivable Allowance for doubtful accounts Net accounts receivable Year 3 $464,000 (20,200)
Selected data from Rooney Company follow: Balance Sheets As of December 31 Accounts receivable Allowance for doubtful accounts Net accounts receivable Year 3 $464,000 (20,200) $383,800 $484,000 Year 2 $379,000 (15,160) $363,840 $436,000 Inventories, lower of cost or market 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 Year 3 $2,008,000 411,000 2,419,000 1,606,000 239,800 40,100 $1,885,900 Year 2 $1,754,000 318,000 2,072,000 1,434,000 216,000 23,900 $1,673,900 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 b. Inventory turnover c. Net margin times times %
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