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(2) Compute total asset turnover for the current year and one year ago. Current Year: 1 Year Ago: Numerator: Total Asset Turnover Denominator: M = 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: Numerator: Total Asset Turnover Denominator: M = 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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Mukhi

Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Current Year $ 30,800 88,100 111,000 10,900 280,000 $ 520,800 Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity The company's income statements for the Current Year and 1 Year Ago, allow. For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Current Year: 1 Year Ago: $ 128,400 98,000 163,500 130,900 $ 520,800 Numerator: Current Year $ 478,850 243,350 12,100 9,550 1 Year Ago 2 Years Ago $ 38,200 $ 35,000 61,500 50,000 82,400 52,500 4,800 230,000 $ 375,500 9,300 250,500 $ 438,700 Total Asset Turnover $ 73,750 101,750 163,500 99,700 $ 438,700 Income tax expense Total costs and expenses Net income Earnings per share For both the Current Year and 1 Year Ago, compute the following ratios: $ 785,000 (2) Compute total asset turnover for the current year and one year ago. 743,850 $ 41,150 $ 2.52 Denominator: $ 50,200 83,400 163,500 78,400 $ 375,500 1 Year Ago $ 378,000 150,000 13,000 8,825 $ 600,000 549,825 $ 50,175 $ 3.07 Total Asset Turnover Total asset turnover 0 times 0 times
Transcribed Image Text:Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Current Year $ 30,800 88,100 111,000 10,900 280,000 $ 520,800 Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity The company's income statements for the Current Year and 1 Year Ago, allow. For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Current Year: 1 Year Ago: $ 128,400 98,000 163,500 130,900 $ 520,800 Numerator: Current Year $ 478,850 243,350 12,100 9,550 1 Year Ago 2 Years Ago $ 38,200 $ 35,000 61,500 50,000 82,400 52,500 4,800 230,000 $ 375,500 9,300 250,500 $ 438,700 Total Asset Turnover $ 73,750 101,750 163,500 99,700 $ 438,700 Income tax expense Total costs and expenses Net income Earnings per share For both the Current Year and 1 Year Ago, compute the following ratios: $ 785,000 (2) Compute total asset turnover for the current year and one year ago. 743,850 $ 41,150 $ 2.52 Denominator: $ 50,200 83,400 163,500 78,400 $ 375,500 1 Year Ago $ 378,000 150,000 13,000 8,825 $ 600,000 549,825 $ 50,175 $ 3.07 Total Asset Turnover Total asset turnover 0 times 0 times
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