At December 31 Assets Cash Accounts receivable, net Inventory Prepaid rent Equipment, net Total assets Current Year $ 30,800 87,600 112,500 11,000 280,000 $ 521,900 Liabilities and Equity Accounts payable Notes payable Common stock, $2 par value Retained earnings Total liabilities and equity Income statement data for the Current Year and 1 Year Ago follow. $ 128,400 96,000 162,000 135,500 $ 521,900 1 Year Ago $ 35,750 61,500 81,000 9,400 253,000 $ 440,650 $ 75,250 100,250 162,000 103,150 $ 440,650 2 Years Ago $ 37,400 50,000 52,500 4,800 232,000 $ 376,700 $51,600 80,200 162,000 82,900 $ 376,700
At December 31 Assets Cash Accounts receivable, net Inventory Prepaid rent Equipment, net Total assets Current Year $ 30,800 87,600 112,500 11,000 280,000 $ 521,900 Liabilities and Equity Accounts payable Notes payable Common stock, $2 par value Retained earnings Total liabilities and equity Income statement data for the Current Year and 1 Year Ago follow. $ 128,400 96,000 162,000 135,500 $ 521,900 1 Year Ago $ 35,750 61,500 81,000 9,400 253,000 $ 440,650 $ 75,250 100,250 162,000 103,150 $ 440,650 2 Years Ago $ 37,400 50,000 52,500 4,800 232,000 $ 376,700 $51,600 80,200 162,000 82,900 $ 376,700
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:At December 31
Assets
Cash
Accounts receivable, net
Inventory
Prepaid rent
Equipment, net
Total assets
Liabilities and Equity
Accounts payable
Earnings per share
Notes payable
Common stock, $2 par value
Retained earnings
Total liabilities and equity
Income statement data for the Current Year and 1 Year Ago follow.
For Year Ended December 31
Set sales
Total costs and expenses
Net income
Current Year
1 Year Ago
Total Asset Turnover
Choose Numerator:
1
(2) Compute total asset turnover for the current year and one year ago.
S
Current Year 1 Year Ago
$ 35,750
61,500
81,000
9,400
253,000
$ 440,650
Choose Denominator:
I
Current Year 1 Year Ago
$ 735,000
697,300
$ 37,700
$ 2.33
▬▬▬
$ 30,800
87,600
112,500
11,000
280,000
$ 521,900
$ 128,400
96,000
162,000
135,500
$ 521,900
w
H
$550,000
505,000
$ 45,000
$ 2.78
$75,250
100,250
162,000
103,150
$440,650
Total asset turnover
times
times
12
2 Years Ago
$ 37,400
50,000
52,500
4,800
232,000
$376,700
$51,600
80,200
162,000
82,900
$ 376,700
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