**Logic Company** **Comparative Income Statement** *For Years Ended December 31, 2022 and 2023*| | 2023 | 2022 ||---|---|---|| **Gross sales** | $21,200 | $16,650 || **Sales returns and allowances** | 800 | 100 || **Net sales** | $20,400 | $16,550 || **Cost of merchandise (goods) sold** | 11,450 | 8,400 || **Gross profit** | $8,950 | $8,150 || **Operating expenses:** | | || Depreciation | $920 | $710 || Selling and administrative | 3,850 | 3,100 || Research | 770 | 610 || Miscellaneous | 580 | 410 || **Total operating expenses** | $6,120 | $4,830 || **Income before interest and taxes** | $2,830 | $3,320 || **Interest expense** | 780 | 610 || **Income before taxes** | $2,050 | $2,710 || **Provision for taxes** | 820 | 1,084 || **Net income** | $1,230 | $1,626 |**Logic Company** **Comparative Balance Sheet** *December 31, 2022 and 2023*| | 2023 | 2022 ||---|---|---|| **Assets** | | || **Current assets:** | | || Cash | $13,100 | $10,100 || Accounts receivable | 17,600 | 13,600 || Merchandise inventory | 9,600 | 15,100 || Prepaid expenses | 25,100 | 11,100 || **Total current assets** | $65,400 | $49,900 || **Plant and equipment:** | | || Building (net) | $15,600 | $12,100 || Land | 14,600 | 10,100 || **Total plant and equipment** | $30,200 | $22,200 || **Total assets** | $95,600 | $72,100 || **Liabilities** | | || **Current liabilities:** | | ||

Name: **Logic Company** **Comparative Income Statement** *For Years Ended
Uploaded: 2024-03-20T06:33:21.000Z
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Description: **Logic Company** **Comparative Income Statement** *For Years Ended December 31, 2022 and 2023*| | 2023 | 2022 ||---|---|---|| **Gross sales** | $21,200 | $16,650 || **Sales returns and allowances** | 800 | 100 || **Net sales** | $20,400 | $16,5

Solution:- Asset turnover ratio measures that how much is the net sales of the company to its total…

Answered: Calculate the asset turnover ratio.…

Business

Finance

Calculate the asset turnover ratio. Note: Enter your response as a decimal rounded to 2 places. Asset turnover ratio 2023 2022 dollar sales per $1 of assets

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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K Winky Flash Photo reported the following figures on its December 31, 2024, income statement and balance sheet: (Click the icon to view the figures.) Compute the asset turnover ratio for 2024. Round to two decimal places. Data table Net sales Cash Accounts Receivable Merchandise Inventory Prepaid Expenses Property, Plant, and Equipment, net Print + + 460,000 Dec. 31, 2024 Dec. 31, 2023 $ 33,000 $ 26,000 60,000 58,000 71,000 78,000 11,000 7,000 101,000 16,000 Done - = - X Asset turnover ratio

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