Need correct answer of this question general Accounting XYZ Electronics is a division of Global Tech Corporation. The following financial data ispresented for the past three years:Financial Data (in thousands) 2022 2023 2024Sales$7,500 $8,200 $9,600||Net Operating Income$850 $920 $1,150||Operating Assets (year-end)$2,000 $2,400 $2,800||Using the 2024 data and average operating assets between 2023 and 2024, the division's turnoverratio is closest to:A) 3.69B) 3.43C) 4.00D) 2.89

Step 1: Define Turnover RatioThe Turnover Ratio (also called Asset Turnover) measures how…

Answered: XYZ Electronics is a division of Global…

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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Subject: acounting
Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal year ends on December 31): 2024 2023 Sales revenue $ 5,300,000 $ 4,400,000 Cost of goods sold 3,040,000 2,180,000 Administrative expense 980,000 855,000 Selling expense 540,000 482,000 Interest revenue 168,000 158,000 Interest expense 236,000 236,000 Loss on sale of assets of discontinued component 120,000 — On July 1, 2024, the company adopted a plan to discontinue a division that qualifies as a component of an entity as defined by GAAP. The assets of the component were sold on September 30, 2024, for $120,000 less than their book value. Results of operations for the component (included in the above account balances) were as follows: 1/1/2024–9/30/2024 2023 Sales revenue $ 580,000 $ 680,000 Cost of goods sold (380,000) (428,000) Administrative expense (68,000) (58,000) Selling expense (38,000) (38,000) Operating income before taxes…
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General Accounting
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.)
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