need answer with definition Question:ABC Enterprises had sales of $900,000 and a cost of merchandise sold of $300,000 during a year. Thetotal assets balance at the beginning of the year was $230,000 and at the end of the year was$220,000.Calculate the ratio of sales to total assets.a. 4b. 4.35c. 0.25d. 0.29

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Assume the following sales data for a company: Current year $896,005 Preceding year 607,844 What is the percentage increase in sales from the preceding year to the current year (rounded to one decimal place)? Oa. 47.4% Ob. 15.3% Oc. 32.2% Od. 79.6%
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.
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Revenue and expense data for Young Technologies Inc. are as follows: Year 2 Year 1 Sales $500,000 $440,000 Cost of goods sold 325,000 242,000 Selling expense 70,000 79,200 Administrative expenses 75,000 70,400 Income tax expense 10,500 16,400 Required: Question Content Area a. Prepare an income statement in comparative form, stating each item for both years as an amount and as a percent of sales. Round percentage amounts to nearest whole percent. Young Technologies Inc.Comparative Income StatementFor the Years Ended December 31, Year 2 and Year 1 Year 2 Amount Year 2 Percent Year 1 Amount Year 1 Percent $- Select - - Select -% $- Select - - Select -% - Select - - Select -% - Select - - Select -% $- Select - - Select -% $- Select - - Select -% - Select - - Select -% - Select - - Select -% - Select - - Select -% - Select - - Select -% Total expenses $fill in the blank 3bd7f90c1fc4f97_26 fill in…
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Question: ABC Enterprises had sales of $900,000 and a cost of merchandise sold of $300,000 during a year. The total assets balance at the beginning of the year was $230,000 and at the end of the year was $220,000. Calculate the ratio of sales to total assets. a. 4 b. 4.35 c. 0.25 d. 0.29