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Selected data from Rooney Company follow. Balance Sheets As...

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Accounting

Selected data from Rooney Company follow.

Balance Sheets
As of December 31
Year 3 Year 2
Accounts receivable $408,000 $378,000
Allowance for doubtful accounts (20,400) (15,120)
Net accounts receivable $387,600 $362,880
Inventories, lower of cost or market $483,500 $438,000

Income Statement
For the Years Ended December 31
Year 3 Year 2
Net credit sales $2,009,000 $1,756,000
Net cash sales 404,000 306,000
Net sales 2,413,000 2,062,000
Cost of goods sold 1,600,000 1,422,000
Selling, general, and administrative expenses 241,000 214,000
Other expenses 40,600 23,200
Total operating expenses $1,881,600 $1,659,200

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.)

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