None Summit Corporation reported the following data:SalesNet IncomeAssets at year end20232024$5,600,000 $6,300,000$720,000 $840,000$4,200,000 $4,950,000Liabilities at year end $2,100,000 $2,520,000||What is Summit's asset turnover for 2024?

Step 1: Detailed explanation of Asset TurnoverAsset Turnover measures how efficiently a company uses…

Answered: Summit Corporation reported the…

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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Calculate Asset Turnover for 2021 using the following information: Net Income Net Sales Total Assets 20% 73% 64% 53% 2020 $2,500,000 $5,000,000 $10,000,000 2021 $3,000,000 $8,000,000 $15,000,000 Listen
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The 2025 Annual Report of Marigold International contains the following information: (in millions) Total assets Total liabilities Net sales Net income (b) June 29, 2025 (c) $1.552 1.091 2,733 150 June 27, 2024 $1.376 1.147 2.845 Compute the following ratios for Marigold International for 2025: 136 Asset turnover ratio. (Round answer to 3 decimal places, e.g. 0.851 times.) Rate of return on assets. (Round answer to 2 decimal places, e.g. 4.87.) Profit margin on sales. (Round answer to 2 decimal places, e.g. 4.87.)
18 eppertree Company’s financial statements on December 31, 2021, showed the following: Net Sales $ 550,000 Fixed Assets, January 1 $ 146,000 Fixed Assets, December 31 $ 134,000 Total Assets, January 1 $ 194,000 Total Assets, December 31 $ 200,000 What is the fixed asset turnover for 2021? Multiple Choice 3.93 2.60 4.10 2.79
Current Attempt in Progress Suppose selected comparative statement data for the giant bookseller Barnes & Noble are as follows. All balance sheet data are as of the end of the fiscal year (in millions). Net sales Cost of goods sold Net income Accounts receivable Inventory Total assets Total common stockholders' equity 2022 $5,050.3 3,700.7 65.1 65.0 1,250.1 2,950.1 940.6 2021 $5,800.9 3,200.1 190.9 106.6 1,350.1 3,250.1 1,100.5
Target in 2017 reported net income of $2,934 billion, net sales of $71,879 billion, and average total assets of $38,215 billion. What is Target’s asset turnover? What is Target’s return on assets?
Forecast income statement - ALL FIGURES IN $ MILLION Financial year ending 31 March 2023 2024 2025 Revenue 165.0 180.0 210.0 Less: Operating expenses 120.0 128.0 145.0 Operating earnings before depreciation 45.0 52.0 65.0 Less: Depreciation 30.0 32.0 25.0 Earnings before interest and tax (EBIT) 15.0 20.0 40.0 Less: Interest expense 5.0 5.0 5.0 Earnings before tax 10.0 15.0 35.0 Less: Tax expense 2.8 4.2 9.8 Net profit (earnings) 7.2 10.8 25.2 In addition, you have collected the following information: Operating working capital (OWC) in each year will be 10% of revenue in that year Capital expenditure (capex) will be $25 million in each year The corporate tax rate is 28%. What is Electrix's free cash flow to the firm (FCF) in year 2025? Thanks!
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Summit Corporation reported the following data: Sales Net Income Assets at year end 2023 2024 $5,600,000 $6,300,000 $720,000 $840,000 $4,200,000 $4,950,000 Liabilities at year end $2,100,000 $2,520,000|| What is Summit's asset turnover for 2024?