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6. Selected data for Katan, Inc. at 12/31/21 is as follows: Total assets Total liabilities Net sales Net income 12/31/20 $930,900 197,100 515,700 80,700 12/31/21 $920,100 208,600 517,400 67,200 On the next page, compute the following ratios: (a) Asset turnover (b) Return on assets (c) Profit margin on sale

6. Selected data for Katan, Inc. at 12/31/21 is as follows: Total assets Total liabilities Net sales Net income 12/31/20 $930,900 197,100 515,700 80,700 12/31/21 $920,100 208,600 517,400 67,200 On the next page, compute the following ratios: (a) Asset turnover (b) Return on assets (c) Profit margin on sale

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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Assuming the asset in questions 1 and 2 has an increase in fair value to $5,100,000 in 2022 and that Lucren intends to dispose of the asset (cost of disposal is estimated at $20,000), prepare the journal entry (if any) necessary to record this increase. Debit Credit 5. Given the data in question #4, prepare the depreciation expense entry (if any) for the asset at 12/31/21. Debit Credit Selected data for Katan, Inc, at 12/31/21 is as follows: Total assets Total liabilities Net sales Net income 12/31/20 $930,900 197,100 515,700 80,700 12/31/21 $920,100 208,600 517,400 67,200 On the next page, compute the following ratios: (a) Asset turnover (b) Return on assets (c) Profit margin on sale
Transcribed Image Text:Assuming the asset in questions 1 and 2 has an increase in fair value to $5,100,000 in 2022 and that Lucren intends to dispose of the asset (cost of disposal is estimated at $20,000), prepare the journal entry (if any) necessary to record this increase. Debit Credit 5. Given the data in question #4, prepare the depreciation expense entry (if any) for the asset at 12/31/21. Debit Credit Selected data for Katan, Inc, at 12/31/21 is as follows: Total assets Total liabilities Net sales Net income 12/31/20 $930,900 197,100 515,700 80,700 12/31/21 $920,100 208,600 517,400 67,200 On the next page, compute the following ratios: (a) Asset turnover (b) Return on assets (c) Profit margin on sale
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