A company repots the following accounting questions A company reports the following:Sales: $981,350Average total assets (excluding long-term investments):$516,500Determine the asset turnover ratio. If necessary, round theanswer to one decimal place.

Step 1: Define Average AssetsAverage assets are computed by adding the opening and closing balances…

Answered: A company reports the following: Sales:…

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

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The balance sheet and income statement for the J. P. Robard Mfg. Company are as follows: Calculate the following ratios: Current ratio Times interest earned Inventory turnover Total asset turnover Operating profit margin Operating return on assets Debt ratio Average collection period Fixed asset turnover Return on equity J. P. Robard Mfg., Inc. Balance Sheet ($000) Cash $550 Accounts receivable 2,100 Inventories 1,060 Current assets $3,710 Net fixed assets 4,520 Total assets $8,230 Accounts payable $1,200 Accrued expenses 610 Short-term notes payable 280 Current liabilities $2,090 Long-term debt 2,000 Owners' equity 4,140 Total liabilities and owners' equity $8,230 J. P. Robard Mfg., Inc. Income Statement ($000) Net sales (all credit) $7,940 Cost of goods sold 3,310 Gross Profit $4,630 Operating expenses (includes $500 depreciation) 3,050 Net operating income $1,580 Interest expense 368 Earnings before taxes $1,212 Income taxes (40%) 485 Net income $727
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A company reports the following: Sales: $981,350 Average total assets (excluding long-term investments): $516,500 Determine the asset turnover ratio. If necessary, round the answer to one decimal place.