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Question - Below is selected data of Pronto Company:
Balance Sheet Data
As of December 31
2012
2011
Accounts receivable
$671,000
$642,000
Allowance for doubtful accounts
31,000
22,000
Net accounts receivable
$640,000
$620,000
Inventories - LCM
$542,500
$642,500
Income Statement Data
Net credit sales
$3,150,000
$3,000,000
Net cash sales
800,000
600,000
Net sales
$3,950,000
$3,600,000
Cost of goods sold
$2,370,000
$2,160,000
Selling, general and adm. expenses
475,000
350,000
Other
150,000
125,000
Total operating expenses
$2,995,000
$2,635,000
Net income
$955,000
$965,000
Required -
a. What is the accounts receivable turnover for 2012?
b. What is the inventory turnover for 2012?
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