The following financial information was taken from a firm's accounting records on December 31, 20X1. Use this information to determine the items below. Net Sales Net Income Before Income Tax Income Tax Expense Net Income After Income Tax Total Assets $ 420,000 26,000 3,900 22,100 172,000 1. Rate of return on net sales (Assume that the company uses net income after income tax to calculate the rate.) 2. Rate of return on total assets. 3. Asset turnover. Note: Round your answers to 1 decimal place. 1. Rate of return on net sales 5.3 % 2. Rate of return on total assets 12.9 % 3. Asset turnover 2.4 times 13

The following financial information was taken from a firm's accounting records on December 31, 20X1. Use this information to determine the items below. Net Sales Net Income Before Income Tax Income Tax Expense Net Income After Income Tax Total Assets $ 420,000 26,000 3,900 22,100 172,000 1. Rate of return on net sales (Assume that the company uses net income after income tax to calculate the rate.) 2. Rate of return on total assets. 3. Asset turnover. Note: Round your answers to 1 decimal place. 1. Rate of return on net sales 5.3 % 2. Rate of return on total assets 12.9 % 3. Asset turnover 2.4 times 13

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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