Pizza, Inc. provides the following data: 2019 2018 Assets Current Assets: Cash and Cash Equivalents $35,000 $25,000 Accounts Receivable, Net 32,000 62,000 Merchandise Inventory 58,000 50,000 Total Current Assets $125,000 137,000 Property, Plant, and Equipment, Net $123,000 120,000 Total Assets $248,000 $257,000 For the year ending December 31, 2019: Net Credit Sales $530,000 Cost of Goods Sold (165,000) Gross Profit $365,000 Calculate the asset turnover ratio for 2019. There are no cash sales. (Round your answer to two decimal places.)
Pizza, Inc. provides the following data: 2019 2018 Assets Current Assets: Cash and Cash Equivalents $35,000 $25,000 Accounts Receivable, Net 32,000 62,000 Merchandise Inventory 58,000 50,000 Total Current Assets $125,000 137,000 Property, Plant, and Equipment, Net $123,000 120,000 Total Assets $248,000 $257,000 For the year ending December 31, 2019: Net Credit Sales $530,000 Cost of Goods Sold (165,000) Gross Profit $365,000 Calculate the asset turnover ratio for 2019. There are no cash sales. (Round your answer to two decimal places.)
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 23CE: Cash Receipts from Customers Singleton Inc. had accounts receivable of $22,150 at January 1, 2019,...
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Question
Pizza, Inc. provides the following data:
|
2019
|
2018
|
Assets
|
|
|
Current Assets:
|
|
|
Cash and Cash Equivalents
|
$35,000
|
$25,000
|
Accounts Receivable, Net
|
32,000
|
62,000
|
Merchandise Inventory
|
58,000
|
50,000
|
Total Current Assets
|
$125,000
|
137,000
|
Property, Plant, and Equipment, Net
|
$123,000
|
120,000
|
Total Assets
|
$248,000
|
$257,000
|
For the year ending December 31, 2019:
Net Credit Sales
|
$530,000
|
Cost of Goods Sold
|
(165,000)
|
Gross Profit
|
$365,000
|
Calculate the asset turnover ratio for 2019. There are no cash sales. (Round your answer to two decimal places.)
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