For 2020, Sheridan Company reports beginning of the year total assets of $892000, end of the year total assets of $1170000, net sales of $1100000, and net income of $200000. Sheridan’s 2020 asset turnover is 0.94 times. 0.25 times. 0.27 times. 1.07 times.
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For 2020, Sheridan Company reports beginning of the year total assets of $892000, end of the year total assets of $1170000, net sales of $1100000, and net income of $200000.
Sheridan’s 2020 asset turnover is
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- Gray Companys financial statements showed income before income taxes of 4,030,000 for the year ended December 31, 2020, and 3,330,000 for the year ended December 31, 2019. Additional information is as follows: Capital expenditures were 2,800,000 in 2020 and 4,000,000 in 2019. Included in the 2020 capital expenditures is equipment purchased for 1,000,000 on January 1, 2020, with no salvage value. Gray used straight-line depreciation based on a 10-year estimated life in its financial statements. As a result of additional information now available, it is estimated that this equipment should have only an 8-year life. Gray made an error in its financial statements that should be regarded as material. A payment of 180,000 was made in January 2020 and charged to expense in 2020 for insurance premiums applicable to policies commencing and expiring in 2019. No liability had been recorded for this item at December 31, 2019. The allowance for doubtful accounts reflected in Grays financial statements was 7,000 at December 31, 2020, and 97,000 at December 31, 2019. During 2020, 90,000 of uncollectible receivables were written off against the allowance for doubtful accounts. In 2019, the provision for doubtful accounts was based on a percentage of net sales. The 2020 provision has not yet been recorded. Net sales were 58,500,000 for the year ended December 31, 2020, and 49,230,000 for the year ended December 31, 2019. Based on the latest available facts, the 2020 provision for doubtful accounts is estimated to be 0.2% of net sales. A review of the estimated warranty liability at December 31, 2020, which is included in other liabilities in Grays financial statements, has disclosed that this estimated liability should be increased 170,000. Gray has two large blast furnaces that it uses in its manufacturing process. These furnaces must be periodically relined. Furnace A was relined in January 2014 at a cost of 230,000 and in January 2019 at a cost of 280,000. Furnace B was relined for the first time in January 2020 at a cost of 300,000. In Grays financial statements, these costs were expensed as incurred. Since a relining will last for 5 years, Grays management feels it would be preferable to capitalize and depreciate the cost of the relining over the productive life of the relining. Gray has decided to nuke a change in accounting principle from expensing relining costs as incurred to capitalizing them and depreciating them over their productive life on a straight-line basis with a full years depreciation in the year of relining. This change meets the requirements for a change in accounting principle under GAAP. Required: 1. For the years ended December 31, 2020 and 2019, prepare a worksheet reconciling income before income taxes as given previously with income before income taxes as adjusted for the preceding additional information. Show supporting computations in good form. Ignore income taxes and deferred tax considerations in your answer. The worksheet should have the following format: 2. As of January 1, 2020, compute the retrospective adjustment of retained earnings for the change in accounting principle from expensing to capitalizing relining costs. Ignore income taxes and deferred tax considerations in your answer.Using the sum-of-the-years-digits method, how much depreciation expense should Vorst record in 2020 for Asset B? a. 6,000 b. 9,000 c. 11,000 d. 12,000For 2020, Waterway Industries reports beginning of the year total assets of $905000, end of the year total assets of $1050000, net sales of $1040000, and net income of $203000.Waterway’s 2020 asset turnover is 0.99 times. 1.06 times. 0.24 times. 0.26 times.
- Jotun Paint Corporation reported net income $24,000, net sales $400,000, and average assets $600,000 for 2020. What is the 2020 asset turnover?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.)For 2022, Bramble Corp. reported beginning total assets of $217,000 and ending total assets of $419,000. Its net income for this period was $57,000, and its net sales were $795,000.Compute the company’s asset turnover in times for 2022. (Round answer to 2 decimal places, e.g. 1.25.)
- Net income for Inkaleb Inc. for 2020 includes the effect of the following transactions involving the sale of fixed assets. Asset Sales Price Cost Gain (Loss)X P20,000 P 80,000 P 10,000Y 25,000 150,000 (18,000)Purchases of fixed assets during 2020 amounted to P340,000. The Accumulated Depreciation account increased P40,000 during 2020. How much is the depreciation expense for 2020?Suppose during 2022 that Federal Express reported the following information (in millions): net sales of $34,000 and net income of $80. Its balance sheet also showed total assets at the beginning of the year of $24,500 and total assets at the end of the year of $23,300.Calculate the asset turnover and return on assets. (Round asset turnover to 2 decimal places, e.g. 6.25 and return on assets to 1 decimal place, e.g. 17.5%.) Asset turnover enter the asset turnover rounded to 2 decimal places times Return on assets enter the return on assets in percentages rounded to 2 decimal places %Music Corporation had current assets of P2,000,000 at the end of 2020 and P1,800,000 at the end of 2019. In addition, Music had current liabilities of P1,000,000 in 2020 and P1,500,000 in 2019. Using this information, Music’s net current asset investment for 2020 was P700,000 P(300,000) P300,000 P(700,000)
- During 2019, Paola Corporation reported net sales of $3,500,000 and net income of $1,500,000. Its balance sheet reported average total assets of $1,400,000.Calculate the asset turnover. (Round answer to 2 decimal places, e.g. 1.25.)Assuming on December 31,2019, a surplus of P 1,250,000 was presented in the statement of financial position of ABC Company, and on December 31,2020, there is an asset ceiling of P 1,000,000, how much is taken to other comprehensive income related to the effect of asset ceiling? actuarial loss --> positive amount actuarial gain --> negative amountDuring 2020, Bramble Co. generated revenues of $102000. The company’s expenses were as follows: cost of goods sold of $41000, operating expenses of $16000 and a loss on the sale of equipment of $2700.Bramble’s gross profit is $42300. $45000. $102000. $61000.
