Seki Ltd had an asset turnover ratio of 7.911 after its second year of operation. In the same year, assets were increased by $12,000 compared to the first year. The net sales for year 2 were $625,000. What was the value of assets in year 1?

Intermediate Accounting: Reporting And Analysis
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ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
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Problem 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...
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Seki Ltd had an asset turnover ratio of
7.911 after its second year of operation.
In the same year, assets were increased
by $12,000 compared to the first year.
The net sales for year 2 were $625,000.
What was the value of assets in year 1?
Transcribed Image Text:Seki Ltd had an asset turnover ratio of 7.911 after its second year of operation. In the same year, assets were increased by $12,000 compared to the first year. The net sales for year 2 were $625,000. What was the value of assets in year 1?
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