Assignment
Selected data from Komar Company follow.
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Balance Sheet
As of December 31
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|
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2014
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2013
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Accounts receivable
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500,000
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450,000
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|
Allowance for doubtful accounts
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(20,000)
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(16,000)
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Net accounts receivable
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480,000
|
434,000
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Inventories, lower of cost or market
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600,000
|
525,000
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Income Statement
for the Years Ended December 31
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|
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2014
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2013
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Net credit sales
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2,000,000
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1,760,000
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Net cash sales
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400,000
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320,000
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|
|
|
|
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Net sales
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2,400,000
|
2,080,000
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|
|
|
|
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Cost of goods sold
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1,600,000
|
1,440,000
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Selling, general, and administrative expenses
|
240,000
|
216,000
|
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Other expenses
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40,000
|
24,000
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Total operating expenses
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1,880,000
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1,680,000
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Required
a. Compute the accounts receivable turnover for 2014. (Round your answer to 2 decimal places.)
b. Compute the inventory turnover for 2014. (Round your answer to 2 decimal places.)
c. Compute the net margin for 2013. (Round your answer to 2 decimal places. (i.e., .2345 should be entered as 23.45).)