Hello, if you could please explain how to solve these problems.
Thank you for any help you might be able to provide.
1.Dorchester Company had the following balances at the end of 2018 and 2019 respectively:
Net Credit Sales – $940,000 for 2018 and $1,072,000 for 2019.
Accounts Receivable – $100,000 for 2018 and $99,000 for 2019.
Allowance for Doubtful Accounts – $5,000 for 2018 and 6,500 for 2019
Calculate the accounts receivable turnover ratio to one decimal place.
2.Easton Company uses the periodic inventory system and had the following inventory & sales activity for the month of May 2019: