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Year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Inventory Prepaid rent Equipment, net Total assets Liabilities and Equity Accounts payable Notes payable Common stock, $2 par value Retained earnings Total liabilities and equity Current Year 1 Year Ago. $ 31,600 87,300 110,500 10,550 280,000 $519,950 $ 129,600 95,500 $ 36,250 63,500 80,800 9,400 256,000 $ 445,950 $ 74,500 99,500 163,500 163,500 131,350 108,450 $ 519,950 $ 445,950 2 Years Ago $ 38,400 49,000 53,000 4,900 233,000 $ 378,300 $50,200 81,400 163,500 83,200 $ 378,300 Income statement data for the Current Year and 1 Year Ago follow. For Year Ended December 31 Current Year 1 Year Ago Net sales Total costs and expenses Net income Earnings per share. $ 765,000 $570,000 702,150 529,400 $ 62,850 $ 40,600 $ 3.84 $ 2.48 (2) Compute total asset turnover for the current year and one year ago. Current Year 1 Year Ago Total Asset Turnover Choose Numerator: / Choose Denominator: Total asset turnover = times = times

Year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Inventory Prepaid rent Equipment, net Total assets Liabilities and Equity Accounts payable Notes payable Common stock, $2 par value Retained earnings Total liabilities and equity Current Year 1 Year Ago. $ 31,600 87,300 110,500 10,550 280,000 $519,950 $ 129,600 95,500 $ 36,250 63,500 80,800 9,400 256,000 $ 445,950 $ 74,500 99,500 163,500 163,500 131,350 108,450 $ 519,950 $ 445,950 2 Years Ago $ 38,400 49,000 53,000 4,900 233,000 $ 378,300 $50,200 81,400 163,500 83,200 $ 378,300 Income statement data for the Current Year and 1 Year Ago follow. For Year Ended December 31 Current Year 1 Year Ago Net sales Total costs and expenses Net income Earnings per share. $ 765,000 $570,000 702,150 529,400 $ 62,850 $ 40,600 $ 3.84 $ 2.48 (2) Compute total asset turnover for the current year and one year ago. Current Year 1 Year Ago Total Asset Turnover Choose Numerator: / Choose Denominator: Total asset turnover = times = times

FINANCIAL ACCOUNTING
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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help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working

Year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Inventory Prepaid rent Equipment, net Total assets Liabilities and Equity Accounts payable Notes payable Common stock, $2 par value Retained earnings Total liabilities and equity Current Year 1 Year Ago. $ 31,600 87,300 110,500 10,550 280,000 $519,950 $ 129,600 95,500 $ 36,250 63,500 80,800 9,400 256,000 $ 445,950 $ 74,500 99,500 163,500 163,500 131,350 108,450 $ 519,950 $ 445,950 2 Years Ago $ 38,400 49,000 53,000 4,900 233,000 $ 378,300 $50,200 81,400 163,500 83,200 $ 378,300 Income statement data for the Current Year and 1 Year Ago follow. For Year Ended December 31 Current Year 1 Year Ago Net sales Total costs and expenses Net income Earnings per share. $ 765,000 $570,000 702,150 529,400 $ 62,850 $ 40,600 $ 3.84 $ 2.48 (2) Compute total asset turnover for the current year and one year ago. Current Year 1 Year Ago Total Asset Turnover Choose Numerator: / Choose Denominator: Total asset turnover = times = times
Transcribed Image Text:Year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Inventory Prepaid rent Equipment, net Total assets Liabilities and Equity Accounts payable Notes payable Common stock, $2 par value Retained earnings Total liabilities and equity Current Year 1 Year Ago. $ 31,600 87,300 110,500 10,550 280,000 $519,950 $ 129,600 95,500 $ 36,250 63,500 80,800 9,400 256,000 $ 445,950 $ 74,500 99,500 163,500 163,500 131,350 108,450 $ 519,950 $ 445,950 2 Years Ago $ 38,400 49,000 53,000 4,900 233,000 $ 378,300 $50,200 81,400 163,500 83,200 $ 378,300 Income statement data for the Current Year and 1 Year Ago follow. For Year Ended December 31 Current Year 1 Year Ago Net sales Total costs and expenses Net income Earnings per share. $ 765,000 $570,000 702,150 529,400 $ 62,850 $ 40,600 $ 3.84 $ 2.48 (2) Compute total asset turnover for the current year and one year ago. Current Year 1 Year Ago Total Asset Turnover Choose Numerator: / Choose Denominator: Total asset turnover = times = times
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