Accutune Audio reported the following amounts in its December 31, 2013, and 2012 financial statements. ($ millions) 2013 2012 Sales revenue $310,000 $256,000 Cost of sales 101,000 94,000 Net income 10,600 12,400 Total assets 68,500 75,200 Stockholders’ equity 46,400 41,500 Calculate to the nearest hundredth: Return on sales for 2013 Debt-to-total-assets ratio as of December 31, 2013
Accutune Audio reported the following amounts in its December 31, 2013, and 2012 financial statements. ($ millions) 2013 2012 Sales revenue $310,000 $256,000 Cost of sales 101,000 94,000 Net income 10,600 12,400 Total assets 68,500 75,200 Stockholders’ equity 46,400 41,500 Calculate to the nearest hundredth: Return on sales for 2013 Debt-to-total-assets ratio as of December 31, 2013
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
- Accutune Audio reported the following amounts in its December 31, 2013, and 2012 financial statements.
($ millions) |
2013 |
2012 |
Sales revenue |
$310,000 |
$256,000 |
Cost of sales |
101,000 |
94,000 |
Net income |
10,600 |
12,400 |
Total assets |
68,500 |
75,200 |
|
46,400 |
41,500 |
Calculate to the nearest hundredth:
- Return on sales for 2013
- Debt-to-total-assets ratio as of December 31, 2013
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