Below is selected data of Pronto Company: Balance Sheet...
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Accounting
Below is selected data of Pronto Company:
| Balance Sheet Data | As of December 31: | |
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| 2012 | 2011 |
| Accounts receivable | $671,000 | $642,000 |
| Allowance for doubtful accounts | 31,000 | 22,000 |
| Net accounts receivable | $640,000 | $620,000 |
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| Inventories - LCM | $542,500 | $642,500 |
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| Income Statement Data |
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| Net credit sales | $3,150,000 | $3,000,000 |
| Net cash sales | 800,000 | 600,000 |
| Net sales | $3,950,000 | $3,600,000 |
| Cost of goods sold | $2,370,000 | $2,160,000 |
| Selling, general and adm. expenses | 475,000 | 350,000 |
| Other | 150,000 | 125,000 |
| Total operating expenses | $2,995,000 | $2,635,000 |
| Net income | $ 955,000 | $ 965,000 |
Required:
a. What is the accounts receivable turnover for 2012?
b. What is the inventory turnover for 2012?
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