Question

During 2020, Metlock, Inc. reported net sales of $2,850,900 and net income of $1,550,000. Its balance sheet reported average total assets of $1,290,000.

Calculate the asset turnover. (Round answer to 2 decimal places, e.g. 1.25.)

Expert Solution

Want to see the full answer?

Check out a sample Q&A here
Blurred answer
Students who’ve seen this question also like:
Financial Accounting
Financial Accounting
14th Edition
ISBN: 9781305088436
Author: Carl Warren, Jim Reeve, Jonathan Duchac
Publisher: Cengage Learning
Not helpful? See similar books
Financial Accounting
Financial Accounting
Fixed Assets And Intangible Assets. 24E
marketing sidebar icon
Want to see this answer and more?
Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*
*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: During 2020, Riverbed Corporation reported net sales of $5,542,800 and net income of $1,560,0O0. Its…

A: Turnover: Turnover is a ratio used to measure the efficiency of a company's ability to use its…

Q: During 2019, Paola Corporation reported net sales of $3,500,000 and net income of $1,500,000. Its…

A: Asset turnover: This ratio analyzes number of times sales or revenue generated from the available…

Q: Suppose during 2022 that Federal Express reported the following information (in millions): net sales…

A: Return on assets is computed to check the ability of the business to generate revenues by operating…

Q: Suppose during 2022 that Federal Express reported the following information (in millions): net sales…

A: Calculation of Asset Turnover Asset turn over is the comparison between the net sales of the firm…

Q: Suppose during 2022 that Federal Express reported the following information (in millions): net sales…

A: Ratio analysis: It is a method used to measure the liquidity, profitability, efficiency of the…

Q: Suppose during 2022 that Federal Express reported the following information (in millions): net sales…

A: Ratio: A relationship between two things is called a ratio which is expressed in the numbers. Assets…

Q: Jotun Paint Corporation reported net income $24,000, net sales $400,000, and average assets $600,000…

A: Solution:- Calculation of asset turnover ratio as follows under:-

Q: Suppose in its 2022 annual report that McDonald's Corporation reports beginning total assets of…

A: Average Total assets = (Beginning Total assets + Ending Total assets) /2 = ($29 + $31) / 2 = $30…

Q: For 2020, Sheridan Company reports beginning of the year total assets of $892000, end of the year…

A: Asset Turnover ratio = Net sales / Average total assets Average Total assets = ( Beginning total…

Q: Suppose during 2022 that Federal Express reported the following information (in millions): net sales…

A: Average total assets = (beginning total assets + ending total assets)/2 = (24700+23300)/2 = $24,000

Q: Northern Systems reported the following financial data (in millions) in its annual report: 2018 2019…

A: Return on assets =Net income / Average total assets Where, Average total assets = (total assets,…

Q: Suppose in its 2017 annual report that McDonald's Corporation reports beginning total assets of…

A: Click to see the answer

Q: The balance sheets of Pinewood Resorts reported net fixed assets of $740,000 and $940,000 at the end…

A: Click to see the answer

Q: The balance sheet of Huan Corporation reported net fixed assets of $332,000 at the end of 2018. The…

A: Fixed Assets: It refers to the long-term assets having a useful life of more than a year which is,…

Q: For the financial year ended December 31, 2020, Khareef Salalah Company reported net sales of RO…

A: Asset Turnover Ratio helps a business entity to measures the efficiency with which an entity uses…

Q: Quantum and Time company is engaged in merchandising business. During the year 2020, the company…

A: The CFROI (cash flow return on investment) is a tool that computes the internal rate if return that…

Q: In its 2017 annual report, Campbell Soup Company reports beginning-of-the-year total assets of…

A: Calculate the Average total assets:

Q: During 2018, Ambiance Company reported net revenue of $3,255,000. The company reported net fixed…

A: Fixed Asset turnover ratio is the ratio of Sales Revenue with average fixed assets.

Q: In 2018, a company had beginning total assets of $923,000, and ending total assets of $871,000. Its…

A: Total assets turnover is computed by dividing the net sales by the average investment. Total assets…

Q: The following information is related to Vaughn Company for 2020. Retained earnings balance, January…

A: Multiple-step income statement: It is the more detailed statement for calculating the net income of…

Q: The 2021 income statement of Adrian Express reports sales of $22,710,000, cost of goods sold of…

A: Solution : (a).

Q: Stackhouse Industries had the following operating results for 2020: sales = $54,510; cost of goods…

A: Answer a. Earnings before interest and tax(EBIT) = Sales - Cost of Goods Sold - Depreciation Expense…

Q: An entity reported the following information for the year ended December 31, 2020: Sales 7,750,000…

A: Income from continuing operations means income generated after deducting all the operating expenses…

Q: Jones Corp. had a total asset turnover of 4.0 in 2019 and had sales of $10.0 million. If the…

A: Turnover = $ 10,000,000 Total asset turnover = 4.0 Total assets = Turnover/Total asset turnover…

Q: The following transactions for Fortitude Enterprises during the second quarter of 2024: Sales…

A: Net profit means the difference between the income and expenses. Financial statement means the…

Q: Allied Construction and Axis Construction reported the following information in their annual…

A: Financial ratios are computed to get detailed information related to the company so that decisions…

Q: The following information is related to Sheridan Company for 2020. Retained earnings balance,…

A: Multiple-step income statement: It is the detailed income statement that is prepared to show the net…

Q: Presented below are a number of balance sheet items for Montoya, Inc. for the current year, 2020.…

A: Balance Sheet: Balance Sheet is one of the financial statements which summarize the assets, the…

Q: Presented below are a number of balance sheet items for Montoya, Inc. for the current year, 2020.…

A: Classified balance sheet: A balance sheet in which assets, liabilities, and shareholders’ equity is…

Q: The Sandhill Company has disclosed the following financial information in its annual reports for the…

A: indirect method is used for calculating cash flow from operating activities.in this we first…

Q: In its 2017 annual report, Crane Manufacturing Company reports beginning-of-the-year total assets of…

A: Average assets = (Beginning assets + Ending assets)/2 Average assets = ($2,322,000 + $2,803,000)/2…

Q: he following information is related to Nash Company for 2020. Retained earnings balance, January 1,…

A: The income statement is prepared to find net income or losses incurred during the period.

Q: Suppose selected comparative statement data for the giant bookseller Barnes & Noble are presented…

A: Accounting ratios are determined by the corporation in identifying the efficiency in generating…

Q: An entity reported the following information for the year ended December 31, 2020: Sales 7,750,000…

A: The loss incurred due to discontinuity of any activity is said to loss from discontinued operations.

Q: An entity reported the following information for the year ended December 31, 2020: Sales 7,750,000…

A: An entity reported the following information for year ended 31.12.2020. Sales = 7750000 Cost of…

Q: Return on Assets Ratio and Asset Turnover Ratio Northern Systems reported the following financial…

A: Return on Assets (ROA): This financial ratio evaluates a company's efficiency in operating the…

Q: Return on Assets Ratio and Asset Turnover Ratio Northern Systems reported the following financial…

A: First, there is a need to calculate average total assets:

Q: The following information is related to Dickinson Company for 2020. Retained earnings balance,…

A: Multi-step income statement and retained earnings statement are financial statements.

Q: The following information is related to Crane Company for 2020. Retained earnings balance, January…

A: Income statement shows different items which are expensed current year and received current year.

Q: E7-15 Suppose during 2017 that Federal Express reported the following information (in millions): net…

A: Asset turnover = Sales/Average asset Average asset= (Opening Asset balance + Closing asset…

Q: At year-end 2020, RWD Inc.’s total assets were $1.2 million and its accounts payable were $375,000.…

A: Net amount which is arrived after deducting current liabilities from current assets is known as…

Q: At year-end 2020, RWD Inc.’s total assets were $1.2 million and its accounts payable were $375,000.…

A: Additional fund needed is the amount of money which is required to fund the increase in assets from…

Q: At year-end 2020, RWD Inc.’s total assets were $1.2 million and its accounts payable were $375,000.…

A: Firm requires an additional funds to grow. Requirement of additional fund is depends on present…

Q: At year-end 2020, RWD Inc.’s total assets were $1.2 million and its accounts payable were $375,000.…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: During 2020, Rumbo Corporation had cash and credit sales of $21,760 and $15,225, respectively. The…

A: Net Income (Loss) = Total Sales - Operating Expenses    Note: Since Accrual basis of accounting is…

Q: The comparative balance sheets of RegalEagle Inc. at the beginning and the end of the year 2020 are…

A: Cash flow statement: Cash flow statement is a statement that reports the cash inflow in operating,…

Q: The comparative balance sheets for Novak Corporation show the following information.     December…

A: The cash flow statement assesses a corporation's ability to handle its cash balance, or how…

Q: he following information is available from the annual reports of Blossom Company and Crane Company.…

A: asset turnover formula: asset turnover = salestotal asset return on asset formula: return on asset…

Q: The 2019 financial statements for Growth Industries are presented below.   INCOME STATEMENT, 2019…

A: Click to see the answer

Knowledge Booster
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • Krauss Company's income statement for the year ended December 31, 2020, contained the following condensed information. Service revenue         $840,000 Operating expenses (excluding depreciation) $624,000   Depreciation expense 60,000   Loss on sale of equipment 26,000 710,000 Income before income taxes   130,000 Income tax expense   40,000 Net income   $ 90,000 Krauss's balance sheet contained the following comparative data at December 31.      2020    2019 Accounts receivable $37,000 $54,000 Accounts payable 41,000 31,000 Income taxes payable 4,000 8,500 (Accounts payable pertains to operating expenses.) Instructions Prepare the operating activities section of the statement of cash flows using the direct method
    An entity reported the following information for the year ended December 31, 2020: Sales 7,750,000 Cost of goods sold 2,400,000 Administrative expenses 700,000 Loss on sale of equipment 100,000 Sales commissions 500,000 Interest revenue 450,000 Freight out 150,000 Loss on early extinguishment of long-term debt 200,000 Doubtful accounts expense 150,000   What is the net income for 2020? a. 2,500,000 b. 1,750,000 c. 1,400,000 d. 1,540,000
    Quantum and Time company is engaged in merchandising business. During the year 2020, the company generated a net income of 45 million. In the process it incurred depreciation of 3 million & amortization of 2 million, while accounts receivables increased by 2 million, inventory decreased by 3 million and trade payables increased by 2 million. It reported total assets, total current liabilities, and total non-current liabilities of 200million, 50 million and 75 million respectively as on the balance sheet date. Calculate the CFROI of the company based on the given information.
    • SEE MORE QUESTIONS
    Recommended textbooks for you
  • Financial Accounting
    Accounting
    ISBN:9781305088436
    Author:Carl Warren, Jim Reeve, Jonathan Duchac
    Publisher:Cengage Learning
    Cornerstones of Financial Accounting
    Accounting
    ISBN:9781337690881
    Author:Jay Rich, Jeff Jones
    Publisher:Cengage Learning
    Intermediate Accounting: Reporting And Analysis
    Accounting
    ISBN:9781337788281
    Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
    Publisher:Cengage Learning
  • EBK CONTEMPORARY FINANCIAL MANAGEMENT
    Finance
    ISBN:9781337514835
    Author:MOYER
    Publisher:CENGAGE LEARNING - CONSIGNMENT
    Managerial Accounting: The Cornerstone of Busines...
    Accounting
    ISBN:9781337115773
    Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
    Publisher:Cengage Learning
    Financial Management: Theory & Practice
    Finance
    ISBN:9781337909730
    Author:Brigham
    Publisher:Cengage
  • Financial Accounting
    Accounting
    ISBN:9781305088436
    Author:Carl Warren, Jim Reeve, Jonathan Duchac
    Publisher:Cengage Learning
    Cornerstones of Financial Accounting
    Accounting
    ISBN:9781337690881
    Author:Jay Rich, Jeff Jones
    Publisher:Cengage Learning
    Intermediate Accounting: Reporting And Analysis
    Accounting
    ISBN:9781337788281
    Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
    Publisher:Cengage Learning
    EBK CONTEMPORARY FINANCIAL MANAGEMENT
    Finance
    ISBN:9781337514835
    Author:MOYER
    Publisher:CENGAGE LEARNING - CONSIGNMENT
    Managerial Accounting: The Cornerstone of Busines...
    Accounting
    ISBN:9781337115773
    Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
    Publisher:Cengage Learning
    Financial Management: Theory & Practice
    Finance
    ISBN:9781337909730
    Author:Brigham
    Publisher:Cengage