Homework Answers
1. For year 2
| Total asset turnover | |||||
| Net Sales | / | Average total assets | = | Total asset turnover | |
| $14,800 | / | $18,500 | = | 0.80 | times |
Calculations:
Average total assets = (Total assets of year 1 + Total assets of year 2) / 2
= ($17,900 + $19,100)/2
= $37000/2
= $18,500
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Aneko Company reports the following: net sales of $14,800 for Year 2 and $13,990 for Year...
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need help ?
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Selected year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31, 2016, were inventory, $52.900; total assets, $229,400; common stock, $88,000; and retained earnings. $32,712.) CABOT CORPORATION Income Statement For Year Ended December 31, 2017 Sales $ 450, 600 Cost of goods sold 297,650 Gross profit 152,950 Operating expenses 99, 100 Interest expense 3,800 Income before taxes 50,050 Income taxes 20. 162 Net Income $ 29,888 $ 16,500...
#3
Solomon Company reports the following in its most recent year of operations: Sales, $1,081,600 (all on account) .Cost of goods sold, $633,600 .Gross profit, $448,000 Accounts receivable, beginning of year, $94,000 Accounts receivable, end of year, $114,000 Merchandise inventory, beginning of year, $59,000 Merchandise inventory, end of year, $69,000 Based on these balances, compute: a. The accounts receivable turnover. b. The inventory turnover. Required a Required b The accounts receivable turnover. Accounts Receivable Turnover Accounts Receivable Choose Numerator Choose...
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