Question

3 Skipped Balance Sheet Data Accounts receivable Allowance for doubtful accounts Net accounts receivable Inventories-lower of cost or market 2019 $671,000 31,000 $640,000 $542,500 2018 $642,000 22,000 $620,000 $642,500 Income Statement Data Net credit sales Net cash sales Net sales Cost of goods sold Selling, general, and administrative expenses Other Total operating expenses Net income Required: a. What is the accounts receivable turnover for 2019? b. What is the inventory turnover for 2019? Year Ended December 31 2019 2018 $3,150,000 $3,000,000 800,000 600,000 $3,950,000 $3,600,000 $2,370,000 $2,160,000 475,000 350,000 150,000 125,000 $2,995,000 $2,635,000 $ 955,000 $ 965,000

          3
Skipped
Balance Sheet Data
Accounts receivable
Allowance for doubtful accounts
Net accounts receivable
Inventories-lower of cost or market
2019
$671,000
31,000
$640,000
$542,500
2018
$642,000
22,000
$620,000
$642,500
Income Statement Data
Net credit sales
Net cash sales
Net sales
Cost of goods sold
Selling, general, and administrative expenses
Other
Total operating expenses
Net income
Required:
a. What is the accounts receivable turnover for 2019?
b. What is the inventory turnover for 2019?
Year Ended December 31
2019
2018
$3,150,000
$3,000,000
800,000
600,000
$3,950,000
$3,600,000
$2,370,000
$2,160,000
475,000
350,000
150,000
125,000
$2,995,000
$2,635,000
$ 955,000
$ 965,000

3
Skipped
Balance Sheet Data
Accounts receivable
Allowance for doubtful accounts
Net accounts receivable
Inventories-lower of cost or market
2019
671,000
31,000640,000
542,500
2018642,000
22,000
620,000642,500
Income Statement Data
Net credit sales
Net cash sales
Net sales
Cost of goods sold
Selling, general, and administrative expenses
Other
Total operating expenses
Net income
Required:
a. What is the accounts receivable turnover for 2019?
b. What is the inventory turnover for 2019?
Year Ended December 31
2019
2018
3,150,0003,000,000
800,000
600,000
3,950,0003,600,000
2,370,0002,160,000
475,000
350,000
150,000
125,000
2,995,0002,635,000
955,000 965,000

Added by Lisa S.

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