10 figures. te the asset turnover ratio for 2024. Round to tw Net sales C Averages
10 figures. te the asset turnover ratio for 2024. Round to tw Net sales C Averages
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![K
Winky Flash Photo reported the following figures on its December 31, 2024, income statement and balance sheet:
(Click the icon to view the figures.)
Compute the asset turnover ratio for 2024. Round to two decimal places.
Data table
Net sales
Net sales
230,500
Cash
Accounts Receivable
Merchandise Inventory
Prepaid Expenses
Property, Plant, and Equipment, net
Print
+
+
***
Done
Average total assets
460,000
- X
$
460,000
Dec. 31, 2024 Dec. 31, 2023
$
33,000 $
26,000
60,000
58,000
71,000
78,000
11,000
7,000
101,000
16,000
=
=
Asset turnover ratio
1.99](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1dec3734-f683-4c2d-b98e-1751218215eb%2Fc91e701a-0fec-47ed-b72d-8b5ac648e1ab%2Fdodih0o_processed.jpeg&w=3840&q=75)
Transcribed Image Text:K
Winky Flash Photo reported the following figures on its December 31, 2024, income statement and balance sheet:
(Click the icon to view the figures.)
Compute the asset turnover ratio for 2024. Round to two decimal places.
Data table
Net sales
Net sales
230,500
Cash
Accounts Receivable
Merchandise Inventory
Prepaid Expenses
Property, Plant, and Equipment, net
Print
+
+
***
Done
Average total assets
460,000
- X
$
460,000
Dec. 31, 2024 Dec. 31, 2023
$
33,000 $
26,000
60,000
58,000
71,000
78,000
11,000
7,000
101,000
16,000
=
=
Asset turnover ratio
1.99
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