Required information The Foundational 15 (Algo) [LO14-2, LO14-3, LO14-4, LO14-5, LO14-6] [The following information applies to the questions displayed below.] Markus Company's common stock sold for $6.00 per share at the end of this year. The company paid a common stock dividend of $0.96 per share this year. It also provided the following data excerpts from this year's financial statements: Cash Accounts receivable Inventory Current assets. Total assets Current liabilities Total liabilities Common stock, $1 par value Total stockholders' equity Total liabilities and stockholders' equity Ending Balance $ 54,000 $ 102,000 $ 82,000 $ 238,000 Beginning Balance $ 48,200 $ 73,700 $ 102,000 $ 223,900 $ 998,000 $ 103,500 $ 220,000 $ 198,000 $ 178,000 $ 178,000 $ 680,000 $ 800,000 $ 900,000 $ 998,000 $ 900,000 $ 93,000 This Year Sales (all on account) Cost of goods sold Gross margin $ 1,210,000 $ 701,800 $ 508,200 Net operating income $ 378,000 Interest expense Net income $ 18,000 $ 252,000 Foundational 14-12 (Algo) 12. What is the total asset turnover? (Round your answer to 2 decimal places.) Total asset turnover
Required information The Foundational 15 (Algo) [LO14-2, LO14-3, LO14-4, LO14-5, LO14-6] [The following information applies to the questions displayed below.] Markus Company's common stock sold for $6.00 per share at the end of this year. The company paid a common stock dividend of $0.96 per share this year. It also provided the following data excerpts from this year's financial statements: Cash Accounts receivable Inventory Current assets. Total assets Current liabilities Total liabilities Common stock, $1 par value Total stockholders' equity Total liabilities and stockholders' equity Ending Balance $ 54,000 $ 102,000 $ 82,000 $ 238,000 Beginning Balance $ 48,200 $ 73,700 $ 102,000 $ 223,900 $ 998,000 $ 103,500 $ 220,000 $ 198,000 $ 178,000 $ 178,000 $ 680,000 $ 800,000 $ 900,000 $ 998,000 $ 900,000 $ 93,000 This Year Sales (all on account) Cost of goods sold Gross margin $ 1,210,000 $ 701,800 $ 508,200 Net operating income $ 378,000 Interest expense Net income $ 18,000 $ 252,000 Foundational 14-12 (Algo) 12. What is the total asset turnover? (Round your answer to 2 decimal places.) Total asset turnover
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information
The Foundational 15 (Algo) [LO14-2, LO14-3, LO14-4, LO14-5, LO14-6]
[The following information applies to the questions displayed below.]
Markus Company's common stock sold for $6.00 per share at the end of this year. The company paid a common stock
dividend of $0.96 per share this year. It also provided the following data excerpts from this year's financial statements:
Cash
Accounts receivable
Inventory
Current assets.
Total assets
Current liabilities
Total liabilities
Common stock, $1 par value
Total stockholders' equity
Total liabilities and stockholders' equity
Ending Balance
$ 54,000
$ 102,000
$ 82,000
$ 238,000
Beginning Balance
$ 48,200
$ 73,700
$ 102,000
$ 223,900
$ 998,000
$ 103,500
$ 220,000
$ 198,000
$ 178,000
$ 178,000
$ 680,000
$ 800,000
$ 900,000
$ 998,000
$ 900,000
$ 93,000
This Year
Sales (all on account)
Cost of goods sold
Gross margin
$ 1,210,000
$ 701,800
$ 508,200
Net operating income
$ 378,000
Interest expense
Net income
$ 18,000
$ 252,000
Foundational 14-12 (Algo)
12. What is the total asset turnover? (Round your answer to 2 decimal places.)
Total asset turnover](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3754f354-1376-462b-82aa-8e34c0b029c0%2F31102afe-7362-499c-ba23-488ed1eb8684%2F890d4t_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
The Foundational 15 (Algo) [LO14-2, LO14-3, LO14-4, LO14-5, LO14-6]
[The following information applies to the questions displayed below.]
Markus Company's common stock sold for $6.00 per share at the end of this year. The company paid a common stock
dividend of $0.96 per share this year. It also provided the following data excerpts from this year's financial statements:
Cash
Accounts receivable
Inventory
Current assets.
Total assets
Current liabilities
Total liabilities
Common stock, $1 par value
Total stockholders' equity
Total liabilities and stockholders' equity
Ending Balance
$ 54,000
$ 102,000
$ 82,000
$ 238,000
Beginning Balance
$ 48,200
$ 73,700
$ 102,000
$ 223,900
$ 998,000
$ 103,500
$ 220,000
$ 198,000
$ 178,000
$ 178,000
$ 680,000
$ 800,000
$ 900,000
$ 998,000
$ 900,000
$ 93,000
This Year
Sales (all on account)
Cost of goods sold
Gross margin
$ 1,210,000
$ 701,800
$ 508,200
Net operating income
$ 378,000
Interest expense
Net income
$ 18,000
$ 252,000
Foundational 14-12 (Algo)
12. What is the total asset turnover? (Round your answer to 2 decimal places.)
Total asset turnover
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