Answered: 8. A company reports the following:…

8. A company reports the following: Sales Average total assets $5,844,000 3,325,000 Determine the asset turnover ratio. Round to one decimal place.

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 6MCQ

See similar textbooks

Related questions

Q: Dundee Co. reported the following for the current year: net sales of $80,000; cost of goods sold of…

Q: 6. Morgan Company reported beginning and ending total assets of $280,000 and $140,000, respectively.…

A: Assets turnover ratio is used to measure company's efficiency in using its assets to generate…

Q: A company reports the following income statement and balance sheet information for current year: Net…

A: Return on total assets: It is the ratio between the earnings of the company and the total assets.…

Q: Asset turnover A company reports the following: Sales $820,800 Average total assets (excluding…

A: Ratio analysis: The analysis of a company using the financial ratios and comparing its trends and…

Q: Quick assets P208,000 Acid test…

A: Current ratio = Current Assets / Current Liabilities Quick Assets = Quick Assets / Current…

Q: Average total assets (excluding long-term inve

A: The Asset turnover ratio compares the worth of a company's sales or revenues to the value of its…

Q: Assume Marigold Company has the following reported amounts: Sales revenue $ 500,000, Sales returns…

A: Net sales are the difference between gross sales and sales discount and allowance. but the gross…

Q: A company reports the following: Sales $8,296,860 Average total assets (excluding long-term…

A: Ratio analysis is a method of measuring the financial position of the organization with different…

Q: Asset turnover A company reports the following: Sales $1,284,150 Average total assets (excluding…

A: Asset Turnover Ratio = Sales Average total assets

Q: he following information is available from the annual reports of Blossom Company and Crane Company.…

A: asset turnover formula: asset turnover = salestotal asset return on asset formula: return on asset…

Q: A company reports the following: Sales Average total assets (excluding long-term investments)…

A: Asset turnover ratio measures the dollar value of sales revenue that a company is able to generate…

Q: A company reports the following:Sales…

A: Formula to calculate asset turnover ratio:

Q: A company reports the following: Sales $1,304,800 Average total assets (excluding long-term…

A: Formula: Asset turnover ratio = Sales / Average total assets

Q: Asset turnover A company reports the following: Sales $1,189,650 Average total assets (excluding…

A: The assets turnover ratio tells about the efficiency of the business to use its assets to earn the…

Q: 6A. During the current year, Sokowski Manufacturing earned income of $489,887 from total sales of…

A: The sales margin is calculated as ratio of income and total sales.

Q: Calculate the sales margin, asset turnover, and ROA for the companies below: Average Capital Assets…

A: RETURN ON INVESTMENTReturn on investment is one of the profitability ratios which shows how much…

Q: Assume Martinez Company has the following reported amounts: Sales revenue $ 610,000, Sales returns…

A: a. Net sales = sales revenue - sales return and allowance = $610000 - 30000 = $580,000

Q: A company reports the following: Sales $10,975,200 Average total assets…

A: Asset turnover ratio = Sales/Average total assets

Q: Asset turnover A company reports the following: Sales $6,480,000 Average total assets 2,400,000…

A: 1. The assets turnover ratio = Sales / Average total assets (excluding long term investment)

Q: b. In 20X2, sales increased to $5,890,000 and the assets for that year were as follows: Cash…

A: The ratio analysis helps to analyze the financial statements of the business on the basis of the…

Q: Assume the following sales data for a company: Current year $896,005 Preceding year 607,844 What is…

A: Percentage increase in sales can be calculated by dividing the change in sales by the preceding…

Q: iven the above information, calculate the net income. Enter the value in 2 decimal places, Sales…

A: Time interest earned ratio show the ability of company to pay interest on time and it is the ratio…

Q: Asset turnover A company reports the following: Sales $724,200 Average total assets 426,000…

A: The asset turnover ratio can be calculated by dividing the net sales value by the average of total…

Q: Return on Total Assets A company reports the following income statement and balance sheet…

A: The question is based on the concept of Financial Ratios. Return on total assets is calculated by…

Q: he balance sheet and income statement for the J. P. Robard Mfg. Company are as follows:…

A: Ratios formulas: Current ratio = Current assets /Current liabilities Times interest earned ratio =…

Q: JPJ Corp has sales of $1.33 million, accounts receivable of $52,000, total assets of $5.05 million…

A: Inventory Inventory can be described as a good or material that a company holds for the purpose of…

Q: 8A. During the current year, Sokowski Manufacturing earned income of $342,385 from total sales of…

A: The asset turnover is calculated as ratio of Sales and assets

Q: Given the following information pulled from a film is their Asset Turnover ratio? (round to the…

A: Asset turnover ratio refers to the ratio which is calculated by taking net sales as the nuerator…

Q: A company reports the following:Sales $4,400,000Average total assets…

A: Asset Turnover: Asset turnover refers to the ratio calculated which determines the amount of sales…

Q: Sales $2,400,000 Average total assets (excluding long-term investments) 1,500,000 Determine the…

Q: What is the asset turnover?

A: Formula of Assets turnover sales÷ average total assets Since the question wants the answer in…

Q: A company reports the following: Sales $8,782,430 Average total assets (excluding long-term…

A: Accounting ratio: It is a number expressed in terms of another to establish relationship among…

Question

8. A company reports the following:
Sales
Average total assets
$5,844,000
3,325,000
Determine the asset turnover ratio. Round to one decimal place.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1 Introduction

VIEW

Step 2 Solution

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

A company reports the following:Sales $1,800,000Average total assets 1,125,000Determine the asset turnover ratio. Round to one decimal place.
A company reports the following: Sales $10,975,200Average total assets $1,371,900 Determine the asset turnover ratio. Round your answer to one decimal place.
A company reports the following: Sales $8,296,860 Average total assets (excluding long-term investments) 1,063,700 Determine the asset turnover ratio. Round your answer to one decimal place.fill in the blank 1
Asset turnover A company reports the following: Sales $6,480,000 Average total assets 2,400,000 Determine the asset turnover ratio. Round your answer to one decimal place.
EX.17-184.ALGO A company reports the following: Sales Average total assets (excluding long-term investments) Determine the asset turnover ratio. Round your answer to one decimal place. I $7,635,340 1,075,400
Assume the following sales data for a company: Current year $896,005 Preceding year 607,844 What is the percentage increase in sales from the preceding year to the current year (rounded to one decimal place)? Oa. 47.4% Ob. 15.3% Oc. 32.2% Od. 79.6%
Asset turnover A company reports the following: Sales $1,284,150 Average total assets (excluding long-term investments) 611,500 Determine the asset turnover ratio. If required, round your answer to one decimal place.
Assume Martinez Company has the following reported amounts: Sales revenue $ 610,000, Sales returns and allowances $ 30,000, Cost of goods sold $ 396,500, and Operating expenses $ 84,000. (a) Compute net sales. Net sales (b) Compute gross profit. Gross profit (c) Compute income from operations. Income from operations (d) Compute the gross profit rate. (Round answer to 1 decimal place, e.g. 25.2%.) Gross profit rate %24
8A. During the current year, Sokowski Manufacturing earned income of $342,385 from total sales of $6,375,343 and average capital assets of $10,106,928. What is the asset turnover? Round to the nearest to the hundredth, two decimal places and submit the answer in a percentage.
16. Quick assets P208,000 Acid test ratio 2.6 to 1 Current ratio 3.5 to 1 Net sales for the year P1,800,000 Cost of sales for the year P990,000 Average total assets P1,200,000 The company’s inventory balances at December 31 is? The company’s asset turnover ratio for the year is?
Calculating the Average Total Assets and the Return on Assets The income statement, statement of retained earnings, and balance sheet for Santiago Systems are as follows: Santiago Systems Income Statement For the Year Ended December 31, 20X2 Amount Percent Net sales $5,345,000 100.0% Less: Cost of goods sold (3,474,250) 65.0 Gross margin $1,870,750 35.0 Less: Operating expenses (1,140,300) 21.3 Operating income $730,450 13.7 Less: Interest expense (27,000) 0.5 Income before taxes Less: Income taxes (40%)* $703,450 13.2 (281,380) 5.3 Net income $422,070 7.9 * Includes both state and federal taxes.
Asset turnover A company reports the following: Sales $724,200 Average total assets 426,000 Determine the asset turnover ratio. If required, round your answer to one decimal place.fill in the blank 1