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6. Selected data for Katan, Inc. at 12/31/21 is as follows: Total assets Total liabilities Net sales Net income 12/31/20 $930,900 197,100 515,700 80,700 12/31/21 $920,100 208,600 517,400 67,200 On the next page, compute the following ratios: (a) Asset turnover (b) Return on assets (c) Profit margin on sale

6. Selected data for Katan, Inc. at 12/31/21 is as follows: Total assets Total liabilities Net sales Net income 12/31/20 $930,900 197,100 515,700 80,700 12/31/21 $920,100 208,600 517,400 67,200 On the next page, compute the following ratios: (a) Asset turnover (b) Return on assets (c) Profit margin on sale

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter11: Depreciation, Depletion, Impairment, And Disposal
Section: Chapter Questions
Problem 7P: Dinnell Company owns the following assets: In the year of acquisition and retirement of an asset,...
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Assuming the asset in questions 1 and 2 has an increase in fair value to $5,100,000 in 2022 and that Lucren intends to dispose of the asset (cost of disposal is estimated at $20,000), prepare the journal entry (if any) necessary to record this increase. Debit Credit 5. Given the data in question #4, prepare the depreciation expense entry (if any) for the asset at 12/31/21. Debit Credit Selected data for Katan, Inc, at 12/31/21 is as follows: Total assets Total liabilities Net sales Net income 12/31/20 $930,900 197,100 515,700 80,700 12/31/21 $920,100 208,600 517,400 67,200 On the next page, compute the following ratios: (a) Asset turnover (b) Return on assets (c) Profit margin on sale
Transcribed Image Text:Assuming the asset in questions 1 and 2 has an increase in fair value to $5,100,000 in 2022 and that Lucren intends to dispose of the asset (cost of disposal is estimated at $20,000), prepare the journal entry (if any) necessary to record this increase. Debit Credit 5. Given the data in question #4, prepare the depreciation expense entry (if any) for the asset at 12/31/21. Debit Credit Selected data for Katan, Inc, at 12/31/21 is as follows: Total assets Total liabilities Net sales Net income 12/31/20 $930,900 197,100 515,700 80,700 12/31/21 $920,100 208,600 517,400 67,200 On the next page, compute the following ratios: (a) Asset turnover (b) Return on assets (c) Profit margin on sale
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