The following financial information is from Lasagna Company. Income Tax Payable Accumulated Depreciation Cost of Goods Sold Insurance Expense $ 1,300 1,600 2,100 1,800 Dividends Paid 2,200 Prepaid Expense 1,500 Accounts Receivable 1,200 Unearned Revenue 1,700 Sales Revenue 24,000 Selling Expenses 2,700 Interest Income 1,400 Income Tax Expense Salaries Payable 2,500 2,800 Depreciation Expense What is the amount of Lasagna's operating income? 1,900

The following financial information is from Lasagna Company. Income Tax Payable Accumulated Depreciation Cost of Goods Sold Insurance Expense $ 1,300 1,600 2,100 1,800 Dividends Paid 2,200 Prepaid Expense 1,500 Accounts Receivable 1,200 Unearned Revenue 1,700 Sales Revenue 24,000 Selling Expenses 2,700 Interest Income 1,400 Income Tax Expense Salaries Payable 2,500 2,800 Depreciation Expense What is the amount of Lasagna's operating income? 1,900

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 32BEB

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Use the following information to answer this question: Windswept, Incorporated 2021 Income Statement ($ in millions) Net sales $ 11,750 Cost of goods sold 7,750 Depreciation 475 Earnings before interest and taxes $ 3,525 Interest paid 92 Taxable income $ 3,433 Taxes 721 Net income $ 2,712 Windswept, Incorporated 2020 and 2021 Balance Sheets ($ in millions) 2020 2021 2020 2021 Cash $ 220 $ 250 Accounts payable $ 1,660 $ 1,595 Accounts received 1,030 930 Long-term debt 1,030 1,350 Inventory 1,880 1,675 Common stock 3,280 3,000 Total $ 3,130 $ 2,855 Retained earnings 610 860 Net fixed assets 3,450 3,950 Total assets $ 6,580 $ 6,805 Total liabilities & equity $ 6,580 $ 6,805 What is the fixed asset turnover for 2021?
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