This is a 2 part question, can you please show your work on both photo Lok Company reports net sales of $5,856,480 for Year 2 and $8,679,690 for Year 3. End-of-year balances for total assets are Year 1,$1,686,000; Year 2, $1,800,000; and Year 3, $1,982,000.(1) Compute Lok's total asset turnover for Year 2 and Year 3.(2) Lok's competitor has a Total Asset Turnover of 3.0 during Year 3. Is Lok performing better or worse than its competitor on the basisof total asset turnover?Complete this question by entering your answers in the tabs below.Required 1Required 2Compute Lok's total asset turnover for Year 2 and Year 3.Total asset turnoverChoose Numerator:Choose Denominator:Total asset turnover%3DCost of goods soldI Average total assetsTotal asset turnoverYear 2$2%3DYear 3$2=< Required 1Required 2 > Lok Company reports net sales of $5,856,480 for Year 2 and $8,679,690 for Year 3. End-of-year balances for total assets are Year 1,$1,686,000; Year 2, $1,800,000; and Year 3, $1,982,000.(1) Compute Lok's total asset turnover for Year 2 and Year 3.(2) Lok's competitor has a Total Asset Turnover of 3.0 during Year 3. Is Lok performing better or worse than its competitor on the basisof total asset turnover?Complete this question by entering your answers in the tabs below.Required 1Required 2Lok's competitor has a Total Asset Turnover of 3.0 during Year 3. Is Lok performing better or worse than its competitor on thebasis of total asset turnover?Is Lok performing better or worse than its competitor on the basis of total asset turnover?< Required 1Required 2 >

Total assets turnover = Net sales / Average total assets where, Average total assets = (beginning…

Answered: Lok Company reports net sales of…

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter9: Long-term Assets: Fixed And Intangible

Section: Chapter Questions

Problem 5MAD

See similar textbooks

Similar questions

Oz Corporation has the following assets at year-end: Patents (net), 26,000; Land, 50,000; Buildings, 175,000; Accumulated Depreciation: Buildings, 57,500; Investment in Held-to-Maturity Bonds, 12,000; Equipment, 95,000; and Accumulated Depreciation: Equipment, 25,000. Prepare the property, plant, and equipment section of Ozs year-end balance sheet.
Lok Company reports net sales of $5,705,000 for Year 2 and $7,621,000 for Year 3. End-of-year balances for total assets are Year 1, $1,652,000; Year 2, $1,841,000; and Year 3, $1,964,000. (1) Compute Lok's total asset turnover for Year 2 and Year 3. (2) Lok's competitor has a Total Asset Turnover of 3.0 during Year 3. Is Lok performing better or worse than its competitor on the basis of total asset turnover?
Lok Co. reports net sales of $5,856,480 for Year 2 and $8,679,690 for Year 3. End-of-year balances for total assets are Year 1, $1,686,000; Year 2, $1,800,000; and Year 3, $1,982,000. (a) Compute Lok’s total asset turnover for Year 2 and Year 3. (b) Lok’s competitor has a turnover of 3.0. Is Lok performing better or worse than its competitor on the basis of total asset turnover?
Aneko Company reports the following: net sales of $14,800 for Year 2 and $13,990 for Year 1; end-of-year total assets of $19,100 for Year 2 and $17,900 for Year 1. (1) Compute total asset turnover for Year 2. (2) Aneko’s competitor has a turnover of 2.0. Is Aneko performing better or worse than its competitor based on total asset turnover?
The following information is available from the annual reports of Blossom Company and Crane Company. (Amounts in millions) Blossom Crane Net Income $1,824 $2,413 Sales 43,035 64,239 Total Assets (average) 40,242 68,704 Based on the preceding information, compute the following values for each company: (Round asset turnover ratio to 2 decimal places, e.g. 15.25 and return on assets to 1 decimal place, e.g. 15.2%.) BlossomCrane1. Asset turnover ratio enter the asset turnover rounded to 1 decimal placetimesenter the asset turnover rounded to 1 decimal placetimes2. Return on assets enter the return on assets in percentages rounded to 2 decimal places%enter the return on assets in percentages rounded to 2 decimal places%
Maxim Company reported beginning and ending total assets of $140,000 and $160,000, respectively. Its net sales for the year was $240,000. What was Maxim's asset turnover ratio? Begin by selecting the formula to calculate the company's asset turnover ratio. Then enter the amounts and calculate the ratio. (Round the asset turnover ratio to two decimal places, X.XX.)
Bountiful Company had sales of $650,000 and cost of goods sold of $200,000 during a year. The total assets balance at the beginning of the year was $175,000 and at the end of the year was $167,000. Calculate the asset turnover ratio. a.0.26 b.3.00 c.3.80 d.0.29
In its 2014 annual report, Campbell Soup Company reports beginning-of-the-year total assets of $8,113 million, end-of-the-year total assets of $8,323 million, total sales of $8,268 million, and net income of $807 million. Please answer all parts. Compute Campbell’s asset turnover. (Round answer to 4 decimal places, e.g. 4.8726.) Asset turnover times LINK TO TEXT Compute Campbell’s profit margin on sales. (Round answer to 4 decimal places, e.g. 4.8726%.) Profit margin on sales % LINK TO TEXT Compute Campbell’s return on assets using (1) asset turnover and profit margin and (2) net income. (Round answers to 2 decimal places, e.g. 4.87%.) Return on assets (1) Asset turnover and profit margin % (2) Net income %
Tatye Corporation reported Net sales of $4.6 million and average Total assets of $1.1 million. The Total asset turnover is:
Power Company reported beginning and ending total assets of $29,000 and $40,000, respectively. Its net sales revenue for the year were $23,000. What was Power's asset turnover ratio?
ABC Corporation had sales of $125,000. Total assets at the beginning of the year were 53,000 and at the end of the year were $55,000. ABC's asset turnover for the entire year was Blank______. (Use the average total assets to solve)
Liberty Corporation reported beginning and ending total assets of $25,000 and $22,000, respectively. Its net sales for the year were $18,800. What was Liberty’s asset turnover ratio? 0.75 0.85 0.80 1.25

SEE MORE QUESTIONS

Recommended textbooks for you

Financial And Managerial Accounting

Accounting

ISBN:

9781337902663

Author:

WARREN, Carl S.

Publisher:

Cengage Learning,

Financial Accounting Intro Concepts Meth/Uses

Finance

ISBN:

9781285595047

Author:

Weil

Publisher:

Cengage

Financial Accounting

Accounting

ISBN:

9781337272124

Author:

Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:

Cengage Learning

Financial And Managerial Accounting

Accounting

ISBN:

9781337902663

Author:

WARREN, Carl S.

Publisher:

Cengage Learning,

Financial Accounting Intro Concepts Meth/Uses

Finance

ISBN:

9781285595047

Author:

Weil

Publisher:

Cengage

Financial Accounting

Accounting

ISBN:

9781337272124

Author:

Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:

Cengage Learning

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS