Selected hypothetical comparative statement data for the giant bookseller Barnes & Noble are presented here. All balance sheet data are as of the end of the fiscal year (in millions). 2022 2021Net sales $4,850.1 $5,400.5Cost of goods sold 3,700.7 3,500.4Net income 75.2 100.0Accounts receivable 75.1 109.9Inventory 1,150.0 1,250.0Total assets 2,950.1 3,250.1Total common stockholders’ equity 920.4 1,090.4Compute the following ratios for 2022. (Round asset turnover to 2 decimal places, e.g 1.83 and all other answers to 1 decimal place, e.g. 1.8 or 2.5%)

Formula used: Profit margin=Net incomeNet sales×100 Asset turnover=Net salesAverage total assets…

Answered: Selected hypothetical comparative…

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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Selected hypothetical comparative statement data for the giant bookseller Barnes & Noble are presented here. All balance sheet data are as of the end of the fiscal year (in millions).

	2022	2021
Net sales	$4,850.1	$5,400.5
Cost of goods sold	3,700.7	3,500.4
Net income	75.2	100.0
Accounts receivable	75.1	109.9
Inventory	1,150.0	1,250.0
Total assets	2,950.1	3,250.1
Total common stockholders’ equity	920.4	1,090.4

Compute the following ratios for 2022. (Round asset turnover to 2 decimal places, e.g 1.83 and all other answers to 1 decimal place, e.g. 1.8 or 2.5%)

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