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(2) Compute total asset turnover for the current year and one year ago. Current Year: 1 Year Ago: Net sales $ $ Numerator: Total Asset Turnover 1 785,000/ 550,000/ Denominator: Average total assets = Total Asset Turnover Total asset turnover 0 times 0 times

(2) Compute total asset turnover for the current year and one year ago. Current Year: 1 Year Ago: Net sales $ $ Numerator: Total Asset Turnover 1 785,000/ 550,000/ Denominator: Average total assets = Total Asset Turnover Total asset turnover 0 times 0 times

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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(2) Compute total asset turnover for the current year and one year ago. Current Year: 1 Year Ago: Net sales $ $ Numerator: Total Asset Turnover 785,000/ 550,000/ Denominator: Average total assets |||||| Total Asset Turnover Total asset turnover 0 times 0 times
Transcribed Image Text:(2) Compute total asset turnover for the current year and one year ago. Current Year: 1 Year Ago: Net sales $ $ Numerator: Total Asset Turnover 785,000/ 550,000/ Denominator: Average total assets |||||| Total Asset Turnover Total asset turnover 0 times 0 times
At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity Current Year Earnings per share $31,800 88, 600 111,500 10, 400 279,000 $ 521,300 1 Year Ago $ 35,750 62,500 80, 200 9,450 257, 500 $ 445,400 $ 129, 200 $ 74,250 100, 000 96,500 162,500 133, 100 162, 500 108, 650 $ 521,300 $ 445,400 $ 463,150 243, 350 12, 100 9,550 Current Year The company's income statements for the Current Year and 1 Year Ago, follow. For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income tax expense Total costs and expenses Net income $ 785,000 2 Years Ago 728, 150 $ 56,850 $ 3.50 $ 37,600 49,500 52,500 5,300 229,000 $373,900 $ 51,000 80, 200 162,500 80, 200 $ 373,900 1 Year Ago $ 346,500 132,000 12,900 8,850 $ 550,000 500, 250 $ 49,750 $ 3.06
Transcribed Image Text:At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity Current Year Earnings per share $31,800 88, 600 111,500 10, 400 279,000 $ 521,300 1 Year Ago $ 35,750 62,500 80, 200 9,450 257, 500 $ 445,400 $ 129, 200 $ 74,250 100, 000 96,500 162,500 133, 100 162, 500 108, 650 $ 521,300 $ 445,400 $ 463,150 243, 350 12, 100 9,550 Current Year The company's income statements for the Current Year and 1 Year Ago, follow. For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income tax expense Total costs and expenses Net income $ 785,000 2 Years Ago 728, 150 $ 56,850 $ 3.50 $ 37,600 49,500 52,500 5,300 229,000 $373,900 $ 51,000 80, 200 162,500 80, 200 $ 373,900 1 Year Ago $ 346,500 132,000 12,900 8,850 $ 550,000 500, 250 $ 49,750 $ 3.06
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