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
