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Assignment
Selected data from Komar Company follow.
Balance Sheet As of December 31
2014
2013
Accounts receivable
500,000
450,000
Allowance for doubtful accounts
(20,000)
(16,000)
Net accounts receivable
480,000
434,000
Inventories, lower of cost or market
600,000
525,000
Income Statement for the Years Ended December 31
Net credit sales
2,000,000
1,760,000
Net cash sales
400,000
320,000
Net sales
2,400,000
2,080,000
Cost of goods sold
1,600,000
1,440,000
Selling, general, and administrative expenses
240,000
216,000
Other expenses
40,000
24,000
Total operating expenses
1,880,000
1,680,000
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).)
Complete journal entries for the following transactions related to accounts receivable and the allowance for doubtful accounts
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