### Selected Data from Emporia CompanyThe following data from Emporia Company are presented.#### Balance Sheets**As of December 31**| Item | Year 3 | Year 2 ||-------------------------------------------|-----------------|-----------------|| Accounts receivable | $600,000 | $480,000 || Allowance for doubtful accounts | $40,000 | $30,000 || Net accounts receivable | $560,000 | $450,000 || Inventories, lower of cost or market | $650,000 | $500,000 |#### Income Statement**For the Years Ended December 31**| Item | Year 3 | Year 2 ||-------------------------------------------|-----------------|-----------------|| Net credit sales | $1,950,000 | $1,450,000 || Net cash sales | $510,000 | $500,000 || Net sales | $2,460,000 | $1,950,000 || Cost of goods sold | $1,800,000 | $1,520,000 || Other expenses | $60,000 | $60,000 || Administrative expenses | $18,000 | $25,000 || Total operating expenses | $1,878,000 | $1,605,000 || Net income | $582,000 | $345,000 |#### RequiredCompute the following:a. Accounts receivable turnover for Year 3.b. Inventory turnover for Year 3.c. Net margin for Year 2.**Instructions**: For all requirements, round your answers to 2 decimal places.### ChartThe text refers to a table but does not explicitly mention a chart. However, based on the image, the table is:| Item | Value ||-------------------------------------|----------------|| **a. Accounts receivable turnover** | || **b. Inventory turnover** | || **c. Net margin** | |This table seems to be for filling the computed values for the three required calculations.

Ratio Analysis The purpose of calculating the ratio Analysis is to know the strength and weakness of…

Selected data from Emporia Company follow: Balance Sheets As of December 31 Accounts receivable Year 3 Year 2 Allowance for doubtful accounts 000'009$ $480,000 (000'0t) Net accounts receivable Inventories, lower of cost or market 000'09s$ 000'095$ 000'00ss 000'005$ Income Statement For the Years Ended December 31 Year 3 Year 2 Net credit sales 000'00 'zs $1,950,000 000'009 Net cash sales Net sales 000'os5 000'000 'E 000ʻ005 '7 000 008 000'008 Cost of sold Selling, general, and administrative expenses Other expenses 1,520,000 240,000 50,000 000'08 $1,810,000 Total operating expenses $2,180,000 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 a. Accounts receivable turnover times b. Inventory turnover Net margin

Selected data from Emporia Company follow: Balance Sheets As of December 31 Accounts receivable Year 3 Year 2 Allowance for doubtful accounts 000'009$ $480,000 (000'0t) Net accounts receivable Inventories, lower of cost or market 000'09s$ 000'095$ 000'00ss 000'005$ Income Statement For the Years Ended December 31 Year 3 Year 2 Net credit sales 000'00 'zs $1,950,000 000'009 Net cash sales Net sales 000'os5 000'000 'E 000ʻ005 '7 000 008 000'008 Cost of sold Selling, general, and administrative expenses Other expenses 1,520,000 240,000 50,000 000'08 $1,810,000 Total operating expenses $2,180,000 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 a. Accounts receivable turnover times b. Inventory turnover Net margin

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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The following balance sheet information was provided by Western Company: Assets Cash Accounts receivable Inventory Multiple Choice O 110.6 days Assuming Year 2 net credit sales totaled $132,000, what was the company's average days to collect receivables? Note: Use 365 days in a year. Do not round your intermediate calculations. 52.5 days 55.3 days Year 2 58.1 days $3,200 $21,000 $36,000 Year 1 $2,700 $19,000 $42,000
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