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AccountingCornerstones of Financial AccountingRatio Analysis Watts Inc. specializes in imported goods, focusing particularly on food products. For 2019, the company realized net sales of $9,700,000 and average net trade accounts receivable were $1,057,000. In 2018, Watts had realized a net loss for the year in the amount of $20,000; however, extraordinary efficiency efforts in 2019 increased net income by $445,000. Required: 1. Calculate Watts' accounts receivable turnover. 2. Calculate Watts' net profit margin ratio.
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Ratio Analysis Watts Inc. specializes in imported goods, focusing particularly on food products. For 2019, the company realized net sales of $9,700,000 and average net trade accounts receivable were $1,057,000. In 2018, Watts had realized a net loss for the year in the amount of $20,000; however, extraordinary efficiency efforts in 2019 increased net income by $445,000. Required: 1. Calculate Watts' accounts receivable turnover. 2. Calculate Watts' net profit margin ratio.

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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
Publisher: Cengage Learning
ISBN: 9781337690881
BuyFind

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
Publisher: Cengage Learning
ISBN: 9781337690881

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Chapter 5, Problem 57BE
Textbook Problem

Ratio Analysis

Watts Inc. specializes in imported goods, focusing particularly on food products. For 2019, the company realized net sales of $9,700,000 and average net trade accounts receivable were $1,057,000. In 2018, Watts had realized a net loss for the year in the amount of $20,000; however, extraordinary efficiency efforts in 2019 increased net income by $445,000.

Required:

1. Calculate Watts' accounts receivable turnover.

2. Calculate Watts' net profit margin ratio.

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Chapter 5 Solutions

Cornerstones of Financial Accounting
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