Concord Company reported the following information: Total assets, beginning of year $ 125,000 Total assets, end...
Concord Company reported the following information:
| Total assets, beginning of year | $ | 125,000 | |
| Total assets, end of year | 75,000 | ||
| For the current year: | |||
| Net sales | 850,000 | ||
| Gross margin | 300,000 | ||
| Net income | 400,000 | ||
What is the company’s total asset turnover ratio for the current year? (Round your answer to 1 decimal place.)
Homework Answers
We know, Total assets turnover ratio = Net sales/ Average Total assets
Also Average Total Assets = (Total assets at beginning + Total assets at end)/2
From the problem, Net sales = $850000; Total assets at beginning = $ 125000; Total assets at end = $ 75000
Average Total Assets = ($125000 + $75000)/2 = $200000/2 = $100000
Hence Total assets turnover ratio = Net sales/ Average Total Assets
= $850000/$100000 = 8.50 = 8.5 Ans
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Concord Company reported the following information:
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