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Selected data from Zachary Company follow: Balance Sheets As of December 31 Year 3 Year 2 Accounts receivable $404,000 $379,000 Allowance for doubtful accounts
Selected data from Zachary Company follow: Balance Sheets As of December 31 Year 3 Year 2 Accounts receivable $404,000 $379,000 Allowance for doubtful accounts (20,200) (15,160) Net accounts receivable $383,800 $363,840 Inventories, lower of cost or market $484,500 $430,000 Income Statement For the Years Ended December 31 Year 3 Net credit sales $2,011,000 Net cash sales 405,000 Year 2 $1,759,000 313,000 Net sales 2,416,000 2,072,000 Cost of goods sold 1,592,000 1,434,000 Selling, general, and administrative expenses 239,300 215,100 Other expenses 40,500 22,200 Total operating expenses $1,871,800 $1,671,300 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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