Deflorio Corporation's inventory at the end of Year 2 was $169,000 and its inventory at the end ofYear 1 was $154,000. The company's total assets at the end of Year 2 were $1,491,000 and itstotal assets at the end of Year 1 were $1,428,000. Sales amounted to $1,480,000 in Year 2. Thecompany's total asset turnover for Year 2 is closest to:A. 9.16B. 0.99C. 9.04D. 1.01

Step 1:Computation of the average total assets at the end of Year 2:Average total assets at the end…

Answered: Deflorio Corporation's inventory at the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Deflorio Corporation's inventory at the end of Year 2 was $167,000 and its inventory at the end of Year 1 was $152,000. The company's total assets at the end of Year 2 were $1,471,000 and its total assets at the end of Year 1 were $1,420,000. Sales amounted to $1,450,000 in Year 2.The company's total asset turnover for Year 2 is closest to: Multiple Choice 1.00 1.05 9.06 9.09
Lok Company reports net sales of $5,562,000 for Year 2 and $7,019,000 for Year 3. End-of-year balances for total assets are Year 1, $1,658,000; Year 2, $1,768,000; and Year 3, $1,949,000. (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?
Dundee Co. reported the following for the current year: net sales of $80,000; cost of goods sold of $60,000; beginning balance of total assets of $115,000; and ending balance of total assets of $85,000. Compute total asset turnover. Round to one decimal.
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
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)
During the current year, Sokowski Manufacturing earned income of $459,332 from total sales of $6,906,995 and average capital assets of $11,489,420. What is the asset turnover? Round to the nearest to the hundredth, two decimal places and submit the answer in a percentage.
e. The average sale period. (The inventory at the beginning of last year totaled$1,920,000.) f. The operating cycle. g. The total asset turnover. (The total assets at the beginning of last year totaled$12,960,000.)
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?
Polycryo, Inc. has a gross profit of $157,500 on sales of $525,000. The balance sheet shows average total assets of $75,000 with an average inventory balance of $55,000. Polycryo's total asset turnover and inventory turnover are closest to: Asset turnover Inventory turnover A. 7.00 times 2.00 times B. 2.00 times 7.00 times C. 7.00 times 7.00 times
Right Company reported beginning and ending total assets of $36,000 and $30,000, respectively. Its net sales revenue for the year were $26,070. What was Right's asset turnover ratio? A. 0.87 OB. 1.27 OC. 0.79 OD. 0.72
Bradford Company had sales of $700,000 for a year. The total assets at the beginning of the year were $240,000, and the total assets at the end of the year were $280,000. The asset turnover ratio is (round answer to 2 decimal places)
(46) Calculate Company Y's total asset turnover based on the following information for the current year: Net income $200,000 Assets at the beginning of the year $100,000 Assets at the end of the year $140,000 Net Sales $900,000

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