Selected data from Rooney Company follow. Balance Sheets As...
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Accounting
Selected data from Rooney Company follow.
| Balance Sheets | ||
| As of December 31 | ||
| Year 3 | Year 2 | |
|---|---|---|
| Accounts receivable | $408,000 | $378,000 |
| Allowance for doubtful accounts | (20,400) | (15,120) |
| Net accounts receivable | $387,600 | $362,880 |
| Inventories, lower of cost or market | $483,500 | $438,000 |
| Income Statement | ||
| For the Years Ended December 31 | ||
| Year 3 | Year 2 | |
|---|---|---|
| Net credit sales | $2,009,000 | $1,756,000 |
| Net cash sales | 404,000 | 306,000 |
| Net sales | 2,413,000 | 2,062,000 |
| Cost of goods sold | 1,600,000 | 1,422,000 |
| Selling, general, and administrative expenses | 241,000 | 214,000 |
| Other expenses | 40,600 | 23,200 |
| Total operating expenses | $1,881,600 | $1,659,200 |
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.)
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