Question: 33 For 2022, Shoring Engineers reported beginning total assets of $410,000 and ending total assets of $450,000. Its net income for this period was $66,300, and its net sales were $645,000. Compute the company's asset turnover for 2022.
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- Answer the following: 1. Number of days in the Operating Cycle 2. Current Asset turnover 3. Asset TurnoverComputing the asset turnover ratio Biagas, Inc. had net sales of $55,500,000 for the year ended May 31, 2018. Its beginning and ending total assets were $52,800,000 and $98,500,000, respectively. Determine Biagas’s asset turnover ratio for year ended May 31, 2018.A6
- 29. Analyzing Fixed Assets Pitt reported the following information for 2021 and 2022: 2021 2022 Property, plant, and equipment, cost $550,000 $ 550,000 Accumulated depreciation 170,000 220,000 Net sales 4,600,000 Depreciation expense 50,000 Required: Compute Pitt's tangible capital asset turnover ratio and the average age of tangible depreciable capital assets. Round "Tangible Capital Asset Turnover" to two decimal places and "Average Age of Tangible Depreciable Capital Asset" to one decimal place.During the years 31 December 2018, 2019, 2020 motor division worth RM50,000 and fixtures worth RM13,000 were purchased In 2018, the fixed asset turnover ratio is 7%, while in 2019, the fixed asset turnover ratio is 11% and in 2020 the fixed asset turnover is 3% Required Income statement analysis as from 31 December 2018-2019- 2020 Statement of Profit or LossThe plant assets section of the comparative balance sheets of Anders Company is reported below. ANDERS COMPANY Comparative Year-End Balance Sheets 2021 2020 Plant assets Equipment $ 275,000 $365,000 Accumulated depreciation Equipment (138,000) (248,000) Equipment, net $ 137,000 $ 117,000 Buildings $ 475,000 $495,000 Accumulated depreciation-Buildings (157,000) (342,000) Buildings, net $ 318,000 $153,000 During 2021, equipment with a book value of $59,000 and an original cost of $305,000 was sold at a loss of $6,800. 1. How much cash did Anders receive from the sale of equipment? 2. How much depreciation expense was recorded on equipment during 2021? 3. What was the cost of new equipment purchased by Anders during 2021?
- The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDERS COMPANY Comparative Year-End Balance Sheets 2021 2020 Plant assets Equipment $ 290,000 $ 380,000 Accumulated depreciation—Equipment (144,000) (254,000) Equipment, net $ 146,000 $ 126,000 Buildings $ 490,000 $ 510,000 Accumulated depreciation—Buildings (166,000) (351,000) Buildings, net $ 324,000 $ 159,000 QS 12-10 (Algo) Computing investing cash flows LO P3 During 2021, equipment with a book value of $62,000 and an original cost of $215,000 was sold at a loss of $7,400. How much cash did Anders receive from the sale of equipment? How much depreciation expense was recorded on equipment during 2021? What was the cost of new equipment purchased by Anders during 2021?The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDERS COMPANY Comparative Year-End Balance Sheets 2021 2020 Plant assets Equipment $ 300,000 $ 390,000 Accumulated depreciation—Equipment (148,000) (258,000) Equipment, net $ 152,000 $ 132,000 Buildings $ 500,000 $ 520,000 Accumulated depreciation—Buildings (172,000) (357,000) Buildings, net $ 328,000 $ 163,000 During 2021, a building with a book value of $94,000 and an original cost of $420,000 was sold at a gain of $84,000. 1. How much cash did Anders receive from the sale of the building?2. How much depreciation expense was recorded on buildings during 2021?3. What was the cost of buildings purchased by Anders during 2021?Closure, Inc. has prepared the following comparative statement of financial position for 2019 and 2020: 2020 2019 Equipment $1,260,000 $1,050,000 Accumulated depreciation (450,000) (375,000) Patent 153,000 174,000 Prepaid expenses 18,000 27,000 Inventory 150,000 180,000 Accounts Receivable 159,000 117,000 Cash 297,000 153,000 $1,587,000 $1,326,000 Share capital-preference $ 129,000 $ 66,000 Share premium-preference 582,000 0 Share capital-ordinary 153,000 153,000 Retained earnings 105,000 42,000 Mortgage payable 0 450,000 Accounts payable 120,000 135,000 Accrued liabilities 498,000 480,000 $1,587,000 $1,326,000 Additional Information: 1. The accumulated depreciation account has been credited only for the depreciation expense for the period. 2. The…
- Closure, Inc. has prepared the following comparative statement of financial position for 2019 and 2020: 2020 2019 Equipment $1,260,000 $1,050,000 Accumulated depreciation (450,000) (375,000) Patent 153,000 174,000 Prepaid expenses 18,000 27,000 Inventory 150,000 180,000 Accounts Receivable 159,000 117,000 Cash 297,000 153,000 $1,587,000 $1,326,000 Share capital-preference $ 129,000 $ 66,000 Share premium-preference 582,000 0 Share capital-ordinary 153,000 153,000 Retained earnings 105,000 42,000 Mortgage payable 0 450,000 Accounts payable 120,000 135,000 Accrued liabilities 498,000 480,000 $1,587,000 $1,326,000 Additional Information: 1. The accumulated depreciation account has been credited only for the depreciation expense for the period. 2. The…subject; accounting33
