Benjamin Sports Camp Inc. Provides the following data: please give me answer this general accounting question Benjamin Sports Camp Inc. provides the following data:Benjamin Sports Camp Inc.AssetsCurrent Assets20152014Cash and Cash Equivalents$29,000 $25,000Accounts ReceivableNetMerchanidese Inventory31,000 62,00053,000 50,000Total Current Assets$113,000 $137,000Property, Plant, and EquipmentNet120,000 120,000Total Assets$233,000 $257,000Net Sales$500,000Cost of Goods Sold(150,000)Gross Profit350,000Calculate the asset turnover for the year 2015.A) 7.27 timesB) 1.22 timesC) 1.55 timesD) 2.04 times

Step 1: Define Asset turnover ratioAsset turnover ratio is given as the net sales divided by the…

Answered: Benjamin Sports Camp Inc. provides the…

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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Quantitative Problem: Rosnan Industries' 2022 and 2021 balance sheets and income statements are shown below. All of the balance of Cash and Equivalents is an operating asset. Balance Sheets: 2022 2021 Cash and equivalents $ 100 $ 85 Accounts receivable 275 200 Inventories 375 250 Total current assets $ 750 $ 535 Net plant and equipment 2,300 1,590 Total assets $ 3,050 $ 2,125 Accounts payable $ 150 $ 85 Accruals 75 50 Notes payable 150 75 Total current liabilities $ 375 $ 210 Long-term debt 450 290 Common stock 1,225 1,225 Retained earnings 1,000 400 Total common equity $ 2,225 $ 1,625 Total liabilities and equity $ 3,050 $ 2,125 Income Statements: 2022 2021 Sales $ 2,285 $ 1,585 Operating costs excluding depreciation 1,250 1,000 EBITDA $ 1,035 $ 585…
Explain how the efficient management of assets responds to the achievement of the company's sales. Balance Sheet 2018 2019 Cash $63,000 $201,000 Accounts Receivable 199,000 305,000 Marketable Securities 81,000 42,000 Inventories 441,000 455,000 Prepaids 5,000 9,000 Total Current Assets 789,000 1,012,000 Property, Plant, and Equipment, net 858,000 858,000 Total Assets $1,647,000 $1,870,000 Account Payable $150,000 $100,000 Accruals 101,000 95,000 Total Current Liabilities $251,000 $195,000 Bonds Payable 405,000 575,000 Total Liabilities 656,000 770,000 Common Stocks 700,000 700,000 Retained Earnings 291,000 400,000 Total Stockholders’ Equity 991,000 1,100,000 Total Liabilities & Equity $1,647,000 $1,870,000 Income Statement 2018 2019…
Calculate the asset efficiency - receivables, inventory, fixed asset and total asset turnover ratios
Selected data from the comparative statements of financial position of Granger Ltd. are shown below: Cash Accounts receivable Inventory Property, plant, and equipment Intangible assets Total assets Cash Accounts receivable Inventory 2024 Property, plant, and equipment $152,000 606,000 783,000 3,144,000 92,000 2023 $177,000 400,000 595,000 2,793,000 98,000 $4,777,000 $4,063,000 2024 Using horizontal analysis, calculate the percentage of a base-year amount, assuming 2022 is the base year. (Round answers to 1 decimal place, e.g. 5.2%.) % % % 2022 % $75,000 453,000 706,000 2,863,000 0 $4,097,000 2023 % % % % 2022
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Account
he condensed balance sheet and income statement data for SymbiosisCorporation are presented below.SYMBIOSIS CORPORATIONBalance SheetsDecember 312014 2013 2012Cash $ 30,000 $ 24,000 $ 20,000Accounts receivable (net) 110,000 48,000 48,000Other current assets 80,000 78,000 62,000Investments 90,000 70,000 50,000Plant and equipment (net) 503,000 400,000 360,000$813,000 $620,000 $540,000 Current liabilities $ 98,000 $ 75,000 $ 70,000Long-term debt 130,000 75,000 65,000Common stock, $10 par 400,000 340,000 300,000Retained earnings 185,000 130,000 105,000$813,000 $620,000 $540,000SYMBIOSIS CORPORATIONIncome StatementsFor the Years Ended December 312014 2013Sales revenue $800,000 $750,000Less: Sales returns and allowances 40,000 50,000Net sales 760,000 700,000Cost of goods sold 420,000 406,000Gross profit 340,000 294,000Operating expenses (including income taxes) 230,000 209,000Net income $110,000 $ 85,000Additional information:1. The market price of Symbiosis common stock was $5.00, $3.50, and…
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