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What is the asset turnover for 2021

What is the asset turnover for 2021

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
12th Edition
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cathy J. Scott
Chapter12: Financial Statements, Closing Entries, And Reversing Entries
Section: Chapter Questions
Problem 3E
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The following information pertains to Irithel Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit.

What is the asset turnover for 2021?

The following information pertains to Trithel Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit. Net Sales Cost of Goods Sold Gross Profit Selling and Administrative Expenses Income from operations Interest expenses Income before income taxes Income tax expense Net income Cash Short-term investments Accounts receivable (net) Inventory Plant assets Total assets Accounts payable Income taxes payable Bonds payable Common stock (P5 par) Retained earnings Total liabilities Assets Irithel Company Income Statement For the Year Ended December 31, 2021 2021 Liabilities and Equity Irithel Company Balance Sheet As of December 31, 2021 Financial Ratios Current ratio Days sales outstanding using a 365-day year (collection period) Inventory turnover XXX XXX 815,265 (514,265) 301,000 2021 (18,000) 283,000 (84,000) 199,000 60,570 XXX 107,800 133,000 XXX 970,200 160,000 43500 XXX 280,000 286,700 XXX 2020 XXX XXX 754,500 (479,000) 275,500 2020 (14,000) 261,500 (77,000) 184,500 64,200 50,000 102,800 115,500 XXX 852,800 145,400 42,000 200,000 300,000 165,400 852,800 1.82 21.1 days 8.1 times
Transcribed Image Text:The following information pertains to Trithel Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit. Net Sales Cost of Goods Sold Gross Profit Selling and Administrative Expenses Income from operations Interest expenses Income before income taxes Income tax expense Net income Cash Short-term investments Accounts receivable (net) Inventory Plant assets Total assets Accounts payable Income taxes payable Bonds payable Common stock (P5 par) Retained earnings Total liabilities Assets Irithel Company Income Statement For the Year Ended December 31, 2021 2021 Liabilities and Equity Irithel Company Balance Sheet As of December 31, 2021 Financial Ratios Current ratio Days sales outstanding using a 365-day year (collection period) Inventory turnover XXX XXX 815,265 (514,265) 301,000 2021 (18,000) 283,000 (84,000) 199,000 60,570 XXX 107,800 133,000 XXX 970,200 160,000 43500 XXX 280,000 286,700 XXX 2020 XXX XXX 754,500 (479,000) 275,500 2020 (14,000) 261,500 (77,000) 184,500 64,200 50,000 102,800 115,500 XXX 852,800 145,400 42,000 200,000 300,000 165,400 852,800 1.82 21.1 days 8.1 times
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