Fundamental Managerial Accounting Concepts with Access
Fundamental Managerial Accounting Concepts with Access
7th Edition
ISBN: 9781259683770
Author: Edmonds
Publisher: MCG
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Chapter 5, Problem 17PSB

a)

To determine

Construct the income statement for tax services and bookkeeping

b

To determine

Comment on the results from income statement and commend a new business strategy.

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Accurate answer this financial accounting
In 2019, a company reported sales revenue of $180 and net income of $18. The company had current assets of $30 and long-term assets of $90 at the beginning of the year. By the end of the year, its current assets increased to $38, while long-term assets grew to $110. Compute the Asset Turnover Ratio as of 12/31/19.
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