The 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:
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The 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:
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- The balance sheet of Huan Corporation reported net fixed assets of $332,000 at the end of 2018. The fixed- asset turnover ratio for 2018 was 4.0, and sales for the year totaled $1,540,000. Net fixed assets at the end of 2017 were: A. $491,000. B. $385,000. C. $438,000 D. $408,000The 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.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 2023
- 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.)
- 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 Calculate the rate of return on assets using profit margin for 2023Babino 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, 2024Bakiponi Corp. provides the following data from its recent financial statements: (Dollars in millions) 2022 2023 Beginning Gross Fixed Assets $2,440,000 $2,560,000 Ending Gross Fixed Assets 2,560,000 2,680,000 Beginning Accumulated Depreciation 910,000 1,110,000 Current-year Depreciation Expense 200,000 250,000 Current-year Sales Revenue 3,050,000 3,920,000 What is the average remaining life of the company's fixed assets as of the end of 2023? (Round your answer to two decimal places, X.XX.) Group of answer choices 5.44 years 4.80 years 5.28 years 6.28 years
- The assets of Blue Co. showed $560,000 for 2018. In 2019 it had an increase of $280,000. What was the percentage of increase for total assets?Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal year ends on December 31): 2024 2023 Sales revenue $ 5,300,000 $ 4,400,000 Cost of goods sold 3,040,000 2,180,000 Administrative expense 980,000 855,000 Selling expense 540,000 482,000 Interest revenue 168,000 158,000 Interest expense 236,000 236,000 Loss on sale of assets of discontinued component 120,000 — On July 1, 2024, the company adopted a plan to discontinue a division that qualifies as a component of an entity as defined by GAAP. The assets of the component were sold on September 30, 2024, for $120,000 less than their book value. Results of operations for the component (included in the above account balances) were as follows: 1/1/2024–9/30/2024 2023 Sales revenue $ 580,000 $ 680,000 Cost of goods sold (380,000) (428,000) Administrative expense (68,000) (58,000) Selling expense (38,000) (38,000) Operating income before taxes…During 2018, Ambiance Company reported net revenue of $3,255,000. The company reported net fixed assets of $840,000 on January 1, 2018 and net fixed assets of $1,020,000 on December 31, 2018.Required: Calculate the fixed asset turnover ratio. (Round your answer to one decimal place.)
