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LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2822 and 2023 Gross sales Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative Research Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes Net income Current assets: Cash Plant and equipment: Building (net) Land Accounts receivable Merchandise inventory Prepaid expenses Total current assets Total assets Total plant and equipment Assets Current liabilities: Accounts payable Salaries payable Total current liabilities Common stock Retained earnings Liabilities Long-term liabilities: Mortgage note payable Total liabilities LOGIC COMPANY Comparative Balance Sheet December 31, 2022 and 2023 Stockholders' Equity Asset tumover ratio Total stockholders' equity Total liabilities and stockholders' equity 2023 $ 19,600 2023 1,000 $ 18,600 11,850 $ 6,750 20.50 $ 760 2,650 610 420 $4,440 $ 2,310 620 $1,690 676 $ 1,014 2022 Calculate the asset turnover ratio. Note: Enter your response as a decimal rounded to 2 places. 2022 $ 15,450 100 $15,350 8,850 $ 6,500 $ 630 2,300 530 330 $ 3,790 $ 2,710 530 $ 2,180 872 $ 1,308 2023 $ 12,300 16,800 8,800 24,300 $ 62,200 $ 14,800 13,800 $28,600 $ 90,800 $ 13,300 7,300 $ 20,600 22,300 $42.900 $ 21,500 26,400 $ 90,800 2022 $ 9,300 12,800 14,300 10,300 $ 46,700 $ 11,300 9,300 $ 20,600 $ 67,300 $ 7,500 5,300 $ 12,800 20,800 $33,600 $ 21,200 12,500 $33,700 $ 67,300 23.00 dollar sales per $1 of assets

LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2822 and 2023 Gross sales Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative Research Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes Net income Current assets: Cash Plant and equipment: Building (net) Land Accounts receivable Merchandise inventory Prepaid expenses Total current assets Total assets Total plant and equipment Assets Current liabilities: Accounts payable Salaries payable Total current liabilities Common stock Retained earnings Liabilities Long-term liabilities: Mortgage note payable Total liabilities LOGIC COMPANY Comparative Balance Sheet December 31, 2022 and 2023 Stockholders' Equity Asset tumover ratio Total stockholders' equity Total liabilities and stockholders' equity 2023 $ 19,600 2023 1,000 $ 18,600 11,850 $ 6,750 20.50 $ 760 2,650 610 420 $4,440 $ 2,310 620 $1,690 676 $ 1,014 2022 Calculate the asset turnover ratio. Note: Enter your response as a decimal rounded to 2 places. 2022 $ 15,450 100 $15,350 8,850 $ 6,500 $ 630 2,300 530 330 $ 3,790 $ 2,710 530 $ 2,180 872 $ 1,308 2023 $ 12,300 16,800 8,800 24,300 $ 62,200 $ 14,800 13,800 $28,600 $ 90,800 $ 13,300 7,300 $ 20,600 22,300 $42.900 $ 21,500 26,400 $ 90,800 2022 $ 9,300 12,800 14,300 10,300 $ 46,700 $ 11,300 9,300 $ 20,600 $ 67,300 $ 7,500 5,300 $ 12,800 20,800 $33,600 $ 21,200 12,500 $33,700 $ 67,300 23.00 dollar sales per $1 of assets

FINANCIAL ACCOUNTING
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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Homework i os Me LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2022 and 2023 Gross sales Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative Research Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes Net income Current assets: Cash Plant and equipment: Building (net) Land Accounts receivable Merchandise inventory. Prepaid expenses Total current assets Total assets Total plant and equipment Assets Current liabilities: Accounts payable Salaries payable Total current liabilities Common stock Retained earnings Liabilities Long-term liabilities: Mortgage note payable Total liabilities. LOGIC COMPANY Comparative Balance Sheet December 31, 2022 and 2023 Stockholders' Equity Asset turnover ratio, Total stockholders' equity Total liabilities and stockholders' equity 2023 $ 19,600 1,000 2023 $ 18,600 11,850 $ 6,750 20.50 $ 760 2,650 610 420 $ 4,440 $ 2,310 620 $ 1,690 676 $ 1,014 2022 2022 $ 15,450 100 $ 15,350 8,850 $ 6,500 Calculate the asset turnover ratio. Note: Enter your response as a decimal rounded to 2 places. $ 630 2,300 530 330 $3,790 $ 2,710 530 $ 2,180 872 $ 1,308 2023 $ 12,300 16,800 8,800 24,300 $ 62,200 $ 14,800 13,800 $28,600 $ 90,800 $ 13,300 7,300 $ 20,600 22,300 $ 42,900 $ 21,500 26,400 $ 47,900 $ 90,800 2022 $ 9,300 12,800 14,300 10,300 $ 46,700 $ 11,300 9,300 $ 20,600 $ 67,300 $ 7,500 5,300 $ 12,800 20,800 $ 33,600 $ 21,200 12,500 $ 33,700 $ 67,300 23.00 dollar sales per $1 of assets Brex 10 10
Transcribed Image Text:Homework i os Me LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2022 and 2023 Gross sales Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative Research Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes Net income Current assets: Cash Plant and equipment: Building (net) Land Accounts receivable Merchandise inventory. Prepaid expenses Total current assets Total assets Total plant and equipment Assets Current liabilities: Accounts payable Salaries payable Total current liabilities Common stock Retained earnings Liabilities Long-term liabilities: Mortgage note payable Total liabilities. LOGIC COMPANY Comparative Balance Sheet December 31, 2022 and 2023 Stockholders' Equity Asset turnover ratio, Total stockholders' equity Total liabilities and stockholders' equity 2023 $ 19,600 1,000 2023 $ 18,600 11,850 $ 6,750 20.50 $ 760 2,650 610 420 $ 4,440 $ 2,310 620 $ 1,690 676 $ 1,014 2022 2022 $ 15,450 100 $ 15,350 8,850 $ 6,500 Calculate the asset turnover ratio. Note: Enter your response as a decimal rounded to 2 places. $ 630 2,300 530 330 $3,790 $ 2,710 530 $ 2,180 872 $ 1,308 2023 $ 12,300 16,800 8,800 24,300 $ 62,200 $ 14,800 13,800 $28,600 $ 90,800 $ 13,300 7,300 $ 20,600 22,300 $ 42,900 $ 21,500 26,400 $ 47,900 $ 90,800 2022 $ 9,300 12,800 14,300 10,300 $ 46,700 $ 11,300 9,300 $ 20,600 $ 67,300 $ 7,500 5,300 $ 12,800 20,800 $ 33,600 $ 21,200 12,500 $ 33,700 $ 67,300 23.00 dollar sales per $1 of assets Brex 10 10
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