Based on this information the company's asset turnover isMultiple Choice$0.68 of sales dollars per $1 of assets.$1.55 of sales dollars per $1 of assets.$1.06 of sales dollars per $1 of assets.None of the choices is correct.< Prev45.6of 9Score answer吕0888DIIF2F3F4F5F6F7F8*@2$&248.# 3 The following information was drawn from the accounting records of Jones Company. (Round your ansNet sales$361,290Net income56,000Average total assets530,000Average total liabilitiesAverage total stockholders' equity330,000215,000Based on this information the company's asset turnover isMultiple Choice$0.68 of sales dollars per $1 of assets.$1.55 of sales dollars per $1 of assets.$1.06 of sales dollars per $1 of assets.< Prev4of 9Score answer >MacBook Ain80DIIF2F3F4F5F6F7F82$5COCO13

Assets turnover ratio = Net sales / Average total assets

The following information was drawn from the accounting records of Jones Company. (Round your ang Net sales $361,290 Net income 56,000 Average total assets 530,000 Average total liabilities Average total stockholders' equity 330,000 215,000 Based on this information the company's asset turnover is

The following information was drawn from the accounting records of Jones Company. (Round your ang Net sales $361,290 Net income 56,000 Average total assets 530,000 Average total liabilities Average total stockholders' equity 330,000 215,000 Based on this information the company's asset turnover is

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: (a) Income from operation, (b) net income, (c) net income attributed to controlling shareholders,

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: During 2022, Bramble Corporation reported sales revenue of $5,600,520, sales returns of $222,000 and…

A: The asset turnover ratio is calculated by dividing the net sales by the average operating assets…

Q: The following balance sheet for the Hubbard Corporation was prepared by the company: HUBBARD…

A: Balance Sheet includes:Assets accountsLiabilities accountsShareholder's equity accounts

Q: The Balance Sheet for Consolidated Industrial shows the following balances: cash = $500,000; patents…

A: The balance sheet is prepared to know the financial position of the company of assets and…

Q: From the following data relating to M/s Paul Ltd, calculate the following: (a) Gross Profit Ratio…

A: Here in this question, we are required to calculate gross profit ratio and operating ratio. Gross…

Q: sales of $1.27 million, accounts receivable of $52,000, total assets of $4.96 million (of which…

A: A financial ratio, also known as an accounting ratio, is the magnitude of two numerical values…

Q: The total liabilities of BROWN Enterprises are P987,560 representing one-fourth of the total equity.

A: Stockholders' equity: Stockholders' equity means the net assets available to shareholders after…

Q: Maxim Company reported beginning and ending total assets of $140,000 and $160,000, respectively.…

A: Average total assets = (Beginning total assets + Ending total assets) /2 = ($140,000+$160,000) / 2 =…

Q: Prepare a comparative balance sheet for 20Y2 and 20Y1, stating each asset as a percent of total…

A: The Statement of Financial Position -The statement of financial position is the position of the…

Q: Given the following information, determine Salem Company's fixed assets Sales = $10,000,000 Total…

A: Current assets: Current assets are all those assets that are expected to be sold or used as a result…

Q: The following information was taken from Charu Company's balance sheet: Line Item Description…

A: The objective of this question is to calculate two financial ratios for Charu Company: (a) the ratio…

Q: Harding Company Accounts payable $33,257 Accounts receivable 70,728 Accrued liabilities 6,456 Cash…

A: Working capital is the amount that is required by a business for day to day operations. It is the…

Q: The Balance Sheet for Consolidated Industrial shows the following balances: accounts payable =…

A: Calculating the cash value with the help of excel.Firstly we calculated the value of total…

Q: Jones Corporation reported current assets of $187,000 and current llabilities of $132,000 on Its…

A: Quick Ratio/ Acid Test ratio is Calculate to know the actual Liquidity of a Business have in their…

Q: Prezas Company's balance sheet showed total current assets of $3,250, all of which were required in…

A: Working capital is calculated as the difference between total current assets and total current…

Q: he following data (dollar amounts in millions) are taken from the financial statements of Aspect 1…

A: BALANCE SHEETIt is one of the important financial statements of a company. Balance Sheet shows the…

Q: redondo, Inc., has current assets of $394, net fixed assets of $17,137, current liabilities of…

A: Working capital is very important in business operations and working capital shows the liquidity of…

Q: Construct ABC & Company's 2015 year-end Balance Sheet using the asset, liability, and equity…

A: Given the following information: Retained Earnings: $121,000,000 Accounts Payable: $114,000,000…

Q: The assets of Moreland Corporation are presented below. January 1 December 31 Cash Marketable…

A: Morland's total asset turnover ratio is 1.37.{ Option (b) }Explanation:Step 1:Step 2:

Q: The Kingwood Company reported net income of $50,000 and average total assets of $450,000. Calculate…

A: ROA = Net Income ÷Average Total Assets

Q: hat amount should be reported as net assets?

A: Adjusted net assets = reported net assets-Treasury shares, at cost 8,750,000-250,000 =8,500,000

Q: Based on the following data, determine the amount of total assets, total liabilites, and net work:…

A: Current Liabilities -The debts or obligations owed by a business that are due within a year or…

Q: Hirshberg Corporation's comparative balance sheet appears below: Comparative Balance Sheet…

A: Lets understand the basics.Cashflow statement can be bifurcated into below activities which are,(1)…

Q: Power Company reported beginning and ending total assets of $29,000 and $40,000, respectively. Its…

A: Beginning Total Assets = $29,000Ending Total Assets = $40,000Net Sales = $23,000

Q: CHESTER HAS AN ASSET TURNOVER OF 1.49 (ASSET TURNOVER = SALES/ASSETS). THAT MEANS: A. 1 EVERY $1.49…

A: Similar to a financial analyst, asset turnover is a financial ratio that assesses the effectiveness…

Q: The Balance Sheet for Consolidated Industrial shows the following balances: retained earnings =…

A: Common stock refers to the outstanding equity shares of a company. The book value of these equity…

Q: A company has an asset turnover ratio of 2.2, total assets of $4 Billion, total liabilities of $1.5…

A: The objective of the question is to calculate the company's revenue using the given asset turnover…

Q: Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION…

A: A proforma balance sheet resembles a historical balance sheet but shows a forecast for the future.…

Q: Bill's Pizza has an asset turnover of 3.5. The total assets of Bill's were $95,000. The net sales of…

A: Net sale:Net sales are total sales after deducting goods returned, discounts, and allowances for…

Q: If a company has net sales of $8,500,000, profit of $945,000, and total asset turnover of 1.8 times,…

A: The assets turnover is calculated as net sales divided by average assets. The return on assets is…

Q: Company ZYX has the following financial information: Current Assets: $500,000 Current Liabilities:…

A: The current ratio is used to estimate a company's short-term liquidity position. It shows the…

Q: Given the following information for the Vanderbilt Tire Company, find ROA (Return on Assets): Debt…

A: Return on Assets (ROA): ROA is a financial ratio that measures a company's profitability of its…

Q: Scare Train, Inc. has the following balance sheet statement items: current liabilities of $779,470;…

A: CURRENT ASSETSCurrent assets are short-term assets that can be easily converted into cash.Current…

Q: Use the following consolidated balance sheet for Campbell Soup Company annual report. CAMPBELL…

A: Part A - Following is the calculation:

Question

100%

Based on this information the company's asset turnover is
Multiple Choice
$0.68 of sales dollars per $1 of assets.
$1.55 of sales dollars per $1 of assets.
$1.06 of sales dollars per $1 of assets.
None of the choices is correct.
< Prev
4
5.
6
of 9
Score answer
吕0
888
DII
F2
F3
F4
F5
F6
F7
F8
*
@
2$
&
2
4
8.
# 3

The following information was drawn from the accounting records of Jones Company. (Round your ans
Net sales
$361,290
Net income
56,000
Average total assets
530,000
Average total liabilities
Average total stockholders' equity
330,000
215,000
Based on this information the company's asset turnover is
Multiple Choice
$0.68 of sales dollars per $1 of assets.
$1.55 of sales dollars per $1 of assets.
$1.06 of sales dollars per $1 of assets.
< Prev
4
of 9
Score answer >
MacBook Ain
80
DII
F2
F3
F4
F5
F6
F7
F8
2$
5
CO
CO
13

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Crafty Inc. reported the following financial data. Sales, $180,000; operating expenses $160,000; average operating assets, $150,000; total liabilities, $98,000. The company requires a minimum 12% return on investments. What is the asset turnover ratio? O.133 O.18 O 1.2 O .111
A company reports the following: Sales $10,975,200Average total assets $1,371,900 Determine the asset turnover ratio. Round your answer to one decimal place.
Consider the following company’s balance sheet and income statement Return on assets. Return on equity.
Tatye Corporation reported Net sales of $4.6 million and average Total assets of $1.1 million. The Total asset turnover is:
The following information is provided for Cullumber Company and Bramble Corporation. (in $ millions) Cullumber Company Bramble Corporation Net income 2022 $125 $370 Net sales 2022 1310 4520 Total assets 12/31/20 1070 2040 Total assets 12/31/21 1055 3150 Total assets 12/31/22 1170 4100 What is Cullumber's asset turnover for 2022?
Jones Corp. had a total asset turnover of 4.0 in 2019 and had sales of $10.0 million. If the corresponding statement of financial position or balance sheet reported shareholders’ equity of $1.4 million, what were the total liabilities for Jones Corp.?
Some recent financial statements for Smolira Golf, Incorporated, follow. Assets Current assets Cash Accounts receivable. Inventory Total Fixed assets Net plant and equipment Total assets SMOLIRA GOLF, INCORPORATED 2022 Income Statement Sales Cost of goods sold Depreciation EBIT Interest paid Taxable income Taxes Net income Dividends Retained earnings $ 189,170 127,103 Profit margin Total asset turnover Equity multiplier Return on equity 5,243 $ 56,824 1,340 $ 55,484 19,419 $ 36,065 $ 11,995 24,070 19.06 % SMOLIRA GOLF, INCORPORATED Balance Sheets as of December 31, 2021 and 2022 2022 Liabilities and Owners' Equity Current liabilities. Accounts payable Notes payable Other 1.81 times 0.00 times 0.00% 2021 $ 2,941 4,722 12,658 $20,321 $ 2,857 5,691 13,692 $ 22,240 $ 56,170 $ 82,001 $ 76,491 $ 104,241 Total Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings Total Total liabilities and owners' equity. 2021 $ 2,198 1,795 99 $4,092 $14,200 $ 42,500…
Pharoah Company reports the following information (in millions) during a recent year: net sales, $13,875.0; net earnings, $693.8; total assets, ending, $5,600.0; and total assets, beginning, $5,500.0. (a) Calculate the (1) return on assets, (2) asset turnover, and (3) profit margin. (Round answers to 1 decimal place, e.g. 6.2% or 6.2.) 1. Return on assets 2. Asset turnover 7.9 % 2.5 times 3. Profit margin 19.9 %
Selected data from the comparative statements of financial position of Granger Ltd. are shown below: Cash Accounts receivable Inventory Property, plant, and equipment Intangible assets Total assets Cash Accounts receivable Inventory 2024 Property, plant, and equipment $152,000 606,000 783,000 3,144,000 92,000 2023 $177,000 400,000 595,000 2,793,000 98,000 $4,777,000 $4,063,000 2024 Using horizontal analysis, calculate the percentage of a base-year amount, assuming 2022 is the base year. (Round answers to 1 decimal place, e.g. 5.2%.) % % % 2022 % $75,000 453,000 706,000 2,863,000 0 $4,097,000 2023 % % % % 2022
Jones Corp. reported current assets of $201,500 and current liablities of $143,000 on its most recent balance sheet. The currect assets consisted of $60,000 cash; $40,600 Accounts Recievable; and $100,900 if Inventory. The acid-test (quick) ratio is:
want answer
Spears Company had net sales of $53,404 million. Its average total assets for the period were $16,302 million. Spears' total asset turnover equals: