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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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
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