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?
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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.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 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.
- ABC Company reported in 2021 sales of P15,000,000, an asset turnover ratio of 3.0, and a rate of return on average assets of 18 percent. The percentage of net income to sales is • 5% • 6% • 7% • 8% • None of the aboveStackhouse Industries had the following operating results for 2020: sales = $54,510; cost of goods sold = $37,430; depreciation expense = $5,830; interest expense = $1,325; dividends paid = $2,820. At the beginning of the year, net fixed assets were $33,200, current assets were $8,300, and current liabilities were $5,553. At the end of the year, net fixed assets were $42,820, current assets were $9,395, and current liabilities were $5,870. The tax rate was 24 percent. a. What was net income for 2020? (Do not round intermediate calculations.) b. What was the operating cash flow for 2020? (Do not round intermediate calculations.) c. What was the cash flow from assets for 2020? (A negative answer should be indicated by a minus sign. Do not round intermediate calculations.) d-1. If no new debt was issued during the year, what was the cash flow to creditors? (Do not round intermediate calculations.) d-2. If no new debt was issued during the year, what was the cash flow to…Babino Inc. had net sales of $55,400,000 for the year ended May 21, 2024 Its beginning and ending total assets were $51,400,000 and $90,000,000, respectively Determine Babao's asset tuover at for year ended May 31, 2024
- The balance sheets of Pinewood Resorts reported net fixed assets of $740,000 and $940,000 at the end of 2020 and 2021, respectively. The fixed-asset turnover ratio for 2021 was 3.25. Calculate Pinewood’s net sales for 2021.For 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.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.)
- The 2023 annual report for Pronghorn Industries Inc. contained the following information: Dec. 31, 2022 Dec. 31, 2023 Total assets 561,000 605,000Total liabilities 65,400 88,900Net revenue 410,000 530,000Net income 54,000 32,000 (a) Calculate the asset turnover ratio for 2023. (Round answer to 2 decimal places, e.g. 52.75.) b) Calculate the profit margin on sales for 2023. c) Calculate the rate of return on assets using total assets for 2023. d) Calculate the rate of return on assets using profit margin for 2023The balance sheets of a company reported net fixed assets of $356,000 at the end of 2024. The fixed-asset turnover ratio for 2024 was 3.0, and sales for the year totaled $1,410,000. Net fixed assets at the end of 2023 were: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.)
