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Selected data from Baird Company follow. Accounts receivable Allowance for doubtful accounts Net accounts receivable Inventories, lower of cost or market Net credit sales. Net cash sales Net sales Balance Sheets As of December 31 Cost of goods sold Selling, general, and administrative expenses other expenses Total operating expenses a. Accounts receivable turnover b. Inventory turnover c. Net margin Income Statement For the Years Ended December 31 Year 3 $406,000 (20,300) $385,700 $477,000 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.) times times % Year 2 $375,000 (15,000) $360,000 $447,000 Year 3 $2,004,000 419,000 2,423,000 1,600,000 240,900 40,200 $1,881,100 Year 2 $1,755,000 306,000 2,061,000 1,430,000 215,400 23,900 $1,669,300

Selected data from Baird Company follow. Accounts receivable Allowance for doubtful accounts Net accounts receivable Inventories, lower of cost or market Net credit sales. Net cash sales Net sales Balance Sheets As of December 31 Cost of goods sold Selling, general, and administrative expenses other expenses Total operating expenses a. Accounts receivable turnover b. Inventory turnover c. Net margin Income Statement For the Years Ended December 31 Year 3 $406,000 (20,300) $385,700 $477,000 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.) times times % Year 2 $375,000 (15,000) $360,000 $447,000 Year 3 $2,004,000 419,000 2,423,000 1,600,000 240,900 40,200 $1,881,100 Year 2 $1,755,000 306,000 2,061,000 1,430,000 215,400 23,900 $1,669,300

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Subject: accounting 

Selected data from Baird Company follow. Balance Sheets As of December 31 Accounts receivable Allowance for doubtful accounts Net accounts receivable Inventories, lower of cost or market Net credit sales Net cash sales Net sales Cost of goods sold Selling, general, and administrative expenses other expenses Total operating expenses a. Accounts receivable turnover b. Inventory turnover c. Net margin Income Statement For the Years Ended December 311 Year 3 $406,000 (20,300) $385,700 $477,000 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.) times times % Year 2 $375,000 (15,000) $360,000 $447,000 Year 3 $2,004,000 419,000 2,423,000 1,600,000 240,900 40,200 $1,881,100 Year 2 $1,755,000 306,000 2,061,000 1,430,000 215,400 23,900 $1,669,300
Transcribed Image Text:Selected data from Baird Company follow. Balance Sheets As of December 31 Accounts receivable Allowance for doubtful accounts Net accounts receivable Inventories, lower of cost or market Net credit sales Net cash sales Net sales Cost of goods sold Selling, general, and administrative expenses other expenses Total operating expenses a. Accounts receivable turnover b. Inventory turnover c. Net margin Income Statement For the Years Ended December 311 Year 3 $406,000 (20,300) $385,700 $477,000 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.) times times % Year 2 $375,000 (15,000) $360,000 $447,000 Year 3 $2,004,000 419,000 2,423,000 1,600,000 240,900 40,200 $1,881,100 Year 2 $1,755,000 306,000 2,061,000 1,430,000 215,400 23,900 $1,669,300
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