KWinky 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 tableNet salesNet sales230,500CashAccounts ReceivableMerchandise InventoryPrepaid ExpensesProperty, Plant, and Equipment, netPrint++***DoneAverage total assets460,000- X$460,000Dec. 31, 2024 Dec. 31, 2023$33,000 $26,00060,00058,00071,00078,00011,0007,000101,00016,000==Asset turnover ratio1.99

Net sales = $460,000 2024 2023 Cash 33,000 26,000 Account receivable 60,000 58,000…

Answered: 10 figures. te the asset turnover ratio…

Business

Accounting

10 figures. te the asset turnover ratio for 2024. Round to tw Net sales C Averages

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter5: Accounting For Retail Businesses

Section: Chapter Questions

Problem 5MAD: Analyze Home Depot The Home Depot (HD) reported the following data (in millions) in its recent...

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Concept explainers

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.

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

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