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Selected data from Stuart Company follow: Balance Sheets As of December 31 Accounts receivable Allowance for doubtful accounts Year 3 $407,000 Year 2 $371,000 (20,350)
Selected data from Stuart Company follow: Balance Sheets As of December 31 Accounts receivable Allowance for doubtful accounts Year 3 $407,000 Year 2 $371,000 (20,350) (14,840) Net accounts receivable $386,650 $356,160 Inventories, lower of cost or market $480,000 $441,000 Income Statement For the Years Ended December 31 Year 3 Net credit sales $2,017,000 Net cash sales 401,000 Year 2 $1,758,000 320,000 Net sales Cost of goods sold Other expenses Total operating expenses 2,418,000 2,078,000 1,602,000 1,436,000 Selling, general, and administrative expenses 239,600 214,500 39,500 23,100 $1,881,100 $1,673,600 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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