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Question - Selected data from Stuart Company follow:
Balance Sheets As of December 31
2018
2017
Accounts receivable
$397,000
$379,000
Allowance for doubtful accounts
(19,850)
(15,160)
Net accounts receivable
$377,150
$363,840
Inventories, lower of cost or market
$478,500
$431,000
Income Statement For the Years Ended December 31
Net credit sales
$2,012,000
$1,755,000
Net cash sales
416,000
308,000
Net sales
2,428,000
2,063,000
Cost of goods sold
1,608,000
1,428,000
Selling, general, and administrative expenses
240,500
215,200
Other expenses
40,100
22,800
Total operating expenses
$1,888,600
$1,666,000
Required -
A. Compute the accounts receivable turnover for 2018.
B. Compute the inventory turnover for 2018.
C. Compute the net margin for 2017.
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