Answered: The T. M. Jones Corporation earned an…

The T. M. Jones Corporation earned an operating profit margin of 11.5% based on sales of $9.8 million and total assets of $5.2 million last year. a. What was Smithers' total asset turnover ratio?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter12: Balanced Scorecard And Other Performance Measures

Section: Chapter Questions

Problem 6EA: During the current year, Sokowski Manufacturing earned income of $350,000 from total sales of...

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The T. M. Jones Corporation earned an operating profit margin of 11.5% based on sales of $9.8 million and total assets of $5.2 million last year. a. What was Smithers' total asset turnover ratio?

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The R. M. Smithes Corporation earned an operating profit margin of 11.5% based on sales of $9.8 million and total assets of $5.2 million last year. a. What was Smithers' total asset turnover ratio? b. During the coming year, the company's president has set a goal of attaining a total asset turnover of 3.1. How much must firm sales increase, other things being the same for the goal to be achieved? c. What was Smithers' operating return on assets last year? Assuming the firm's operating profit margin remains the same, what will the operating return on assets be next year if the total asset turnover goal is achieved?
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