5 POINTS Carlisle Corporation reported net sales of$4.25 million and beginning total assets of$1.10 million and ending total assets of $1.65million. The average total asset amount is:a. $2.75 millionb. $3.10 millionc. $0.38 milliond. $0.45 millione. $1.38 million

Explanation of Net Sales: Net sales represents the total revenue generated from the company's…

Answered: Carlisle Corporation reported net sales…

Cornerstones of Financial Accounting

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Author:Jay Rich, Jeff Jones

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Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 11MCQ: Chasse Building Supply Inc. reported net cash provided by operating activities of $243,000, capital...

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Carlisle Corporation reported net sales of $4.25 million and beginning total assets of $1.10 million and ending total assets of $1.65 million. The average total asset amount is: ?
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Subject: financial accounting
The following information was drawn from the accounting records of Jones Company. (Round your ans Net sales $361,290 Net income 56,000 Average total assets 530,000 Average total liabilities Average total stockholders' equity 330,000 215,000 Based on this information the company's asset turnover is Multiple Choice $0.68 of sales dollars per $1 of assets. $1.55 of sales dollars per $1 of assets. $1.06 of sales dollars per $1 of assets. MacBook Ain 80 DII F2 F3 F4 F5 F6 F7 F8 2$ 5 CO CO 13
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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.
Crafty Inc. reported the following financial data. Sales, $180,000; operating expenses $160,000; average operating assets, $150,000; total liabilities, $98,000. The company requires a minimum 12% return on investments. What is the asset turnover ratio? O.133 O.18 O 1.2 O .111
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Calculating the Average Total Assets and the Return on Assets The income statement, statement of retained earnings, and balance sheet for Somerville Company are as follows. Also, assume a tax rate of 31%. Somerville CompanyIncome StatementFor the Year Ended December 31, 20X2 Amount Percent Net sales $8,281,989 100.0% Less: Cost of goods sold (5,383,293) 65.0 Gross margin $2,898,696 35.0 Less: Operating expenses (1,323,368) 16.0 Operating income $1,575,328 19.0 Less: Interest expense (50,000) 0.6 Income before taxes $1,525,328 18.4 Less: Income taxes (31%)* (472,852) 5.7 Net income $1,052,476 12.7 * Includes both state and federal taxes. Somerville CompanyStatement of Retained EarningsFor the Year Ended December 31, 20X2 Balance, beginning of period $1,979,155 Net income $1,052,476 Total $3,031,631 Preferred dividends (80,000) Dividends to common stockholders (201,887) Balance, end of period…

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Carlisle Corporation reported net sales of $4.25 million and beginning total assets of $1.10 million and ending total assets of $1.65 million. The average total asset amount is: a. $2.75 million b. $3.10 million c. $0.38 million d. $0.45 million e. $1.38 million