KWinky 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 tableNet salesCashAccounts ReceivableMerchandise InventoryPrepaid ExpensesProperty, Plant, and Equipment, netPrint++460,000Dec. 31, 2024 Dec. 31, 2023$33,000 $26,00060,00058,00071,00078,00011,0007,000101,00016,000Done-=- XAsset turnover ratio

Ratio analysis used identify the business performance of the company. It is used to measure…

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Compute the asset turnover ratio for 2024. Round to Asset turnover ratio

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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Question

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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