Horngren's Financial & Managerial Accounting, The Financial Chapters (Book & Access Card)
5th Edition
ISBN: 9780134078939
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 9, Problem 9.14SE
To determine
Asset turnover: It is a ratio that measures the productive capacity of the assets to generate the sales revenue for the company. Thus, it shows the relationship between the net sales and the average total assets. The following is the formula to calculate the ratio:
To Compute: the asset turnover for the Company B for the year ended May 31, 2016.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Baldwin, Inc. had net sales of $52,200,000 for the year ended May 31, 2024. Its beginning and ending total assets were $55,200,000 and $88,800,000, respectively. Determine Baldwin's asset turnover ratio for year ended May 31, 2024. (Round the asset turnover ratio to two
decimal places, X.XX.)
Asset turnover ratio
C
In its 2017 annual report, Crane Manufacturing Company reports beginning-of-the-year total assets of $ 2,322,000, end-of-the-year
total assets of $ 2,803,000, total sales of $ 4,886,000, and net income of $ 805,000.
(a)
Compute Crane's asset turnover. (Round answer to 3 decimal places, e.g. 4.870.)
Asset turnover ratio
times
General Accounting
Chapter 9 Solutions
Horngren's Financial & Managerial Accounting, The Financial Chapters (Book & Access Card)
Ch. 9 - Prob. 1QCCh. 9 - Prob. 2QCCh. 9 - Which method almost always produces the most...Ch. 9 - A Celty Airline jet costs 28,000,000 and is...Ch. 9 - A copy machine costs 45,000 when new and has...Ch. 9 - Suppose Print and Photo Center in the preceding...Ch. 9 - Prob. 7QCCh. 9 - Prob. 8QCCh. 9 - Liberty Corporation reported beginning and ending...Ch. 9 - A truck costs 50,000 when new and has accumulated...
Ch. 9 - Prob. 1RQCh. 9 - Prob. 2RQCh. 9 - Prob. 3RQCh. 9 - Prob. 4RQCh. 9 - Prob. 5RQCh. 9 - What is the difference between a capital...Ch. 9 - Prob. 7RQCh. 9 - Prob. 8RQCh. 9 - How does a business decide which depreciation...Ch. 9 - Prob. 10RQCh. 9 - Prob. 11RQCh. 9 - Prob. 12RQCh. 9 - Prob. 13RQCh. 9 - How is gain o r loss determined when disposing of...Ch. 9 - Prob. 15RQCh. 9 - Prob. 16RQCh. 9 - Prob. 17RQCh. 9 - Prob. 18RQCh. 9 - Prob. 19RQCh. 9 - What does it mean if an exchange of plant assets...Ch. 9 - Determining the cost of an asset Alton Clothing...Ch. 9 - Prob. 9.2SECh. 9 - Prob. 9.3SECh. 9 - Computing second-year depreciation and accumulated...Ch. 9 - Calculating partial-year depreciation On September...Ch. 9 - Prob. 9.6SECh. 9 - Prob. 9.7SECh. 9 - Discarding an asset On May 31, 2016, Choice...Ch. 9 - Selling an asset at gain or loss Mill Creek Golf...Ch. 9 - Selling an asset at gain or loss Pelman Company...Ch. 9 - Accounting for depletion of natural resources...Ch. 9 - Accounting for an intangible asset On March 1,...Ch. 9 - Prob. 9.13SECh. 9 - Prob. 9.14SECh. 9 - Prob. 9.15SECh. 9 - Prob. 9.16SECh. 9 - Prob. 9.17ECh. 9 - Making a lump-sum purchase of assets Dearwood...Ch. 9 - Prob. 9.19ECh. 9 - Computing depreciation-three methods Crackling...Ch. 9 - Changing an asset's useful life and residual value...Ch. 9 - Recording partial-year depreciation and sale of an...Ch. 9 - Prob. 9.23ECh. 9 - Prob. 9.24ECh. 9 - Prob. 9.25ECh. 9 - Prob. 9.26ECh. 9 - Computing asset turnover ratio Snap Dragon Photo...Ch. 9 - Prob. 9.28ECh. 9 - Measuring asset cost, units-of-production...Ch. 9 - Prob. 9.30APCh. 9 - Determining asset cost, recording first-year...Ch. 9 - Recording lump-sum asset purchases, depreciation,...Ch. 9 - Prob. 9.33APCh. 9 - Prob. 9.34APCh. 9 - Journalizing partial-year depreciation and asset...Ch. 9 - Prob. 9.36BPCh. 9 - Determining asset cost, recording rust-year...Ch. 9 - Recording lump-sum asset purchases, depreciation,...Ch. 9 - Prob. 9.39BPCh. 9 - Prob. 9.40BPCh. 9 - Journalizing partial-year depreciation and asset...Ch. 9 - Prob. 9.42CPCh. 9 - Western Bank Trust purchased land and a building...Ch. 9 - Prob. 9.1CTFCCh. 9 - Prob. 9.1CTFSCCh. 9 - In 150 words or fewer, explain the different...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- 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.)arrow_forwardComputing Asset Ratios The following information relates to Nicke Inc. Total Fixed Total Net $ millions Assets Assets Revenue Income Fiscal Year 2016 $10,560 $64,188 $97,128 $11,280 Fiscal Year 2015 28,002 200,852 91,803 9,819 Fiscal Year 2014 8,502 55,782 Nicke's fiscal years 2016, 2015, and 2014, end on May 31, 2016, 2015, and 2014, respectively. Required a. Compute the asset turnover ratio for fiscal years 2016 and 2015. b. Compute the return on assets ratio for fiscal years 2016 and 2015. c. Compute the fixed asset turnover ratio for fiscal years 2016 and 2015. Note: Do not round until your final answers. Round final answers to two decimal places. Ratio 2016 2015 a. Asset turnover 0.73 v 0.72 v b. Return on assets 8.53 x 7.65 x c. Fixed asset turnover 5.04 v 5.03 varrow_forwardNeed answer the questionarrow_forward
- 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. $408,000arrow_forwardIn its 2017 annual report, Campbell Soup Company reports beginning-of-the-year total assets of $7,837 million, end-of-the-year total assets of $7,726 million, total sales of $7,890 million, and net income of $887 million. Compute Campbell’s asset turnover. (Round answer to 4 decimal places, e.g. 4.8726.) Asset turnover enter asset turnover in times rounded to 4 decimal places times LINK TO TEXT Compute Campbell’s profit margin on sales. (Round answer to 2 decimal places, e.g. 4.87%.) Profit margin on sales enter profit margin on sales in percentages rounded to 4 decimal places % LINK TO TEXT Compute Campbell’s return on assets using (1) asset turnover and profit margin and (2) net income. (Round answers to 2 decimal places, e.g. 4.87%.) Return on assets (1) Asset…arrow_forwardWhere would you find the financial statements for Costco? https://motley.com https://wallstreet.com https://investor.costco.com https://sec.gov Endotherm Company produced revenue of $120,000. Beginning Assets for the period were $200,000 and Ending Assets were $250,000. What is the Total Asset Turnover Ratio for this period? .53 1.87 .48 .26 What is the Total Asset Turnover Ratio for a company with $120,000 in annual sales, beginning Assets of $250,000 and ending Assets of $200,000? .48 1.34 .26 .53 The efficiency ratio that shows how efficiently a company uses its cash to generate revenue is: Accounts Receivable Turnover Ratio. Total Asset Receivable Turnover Ratio. Cash Turnover Ratio. Inventory Turnover Ratio. please answer all questions. explainte answwer provide me with correct optionarrow_forward
- Please Solve this Questionarrow_forwardComputing Asset Ratios The following information relates to Mazy's Inc. $ millions Total Assets Revenue Net Income Fiscal Year 2015 $47,325 $62,282 $2,461 Fiscal Year 2014 46,926 Mazy's fiscal years for 2015 and 2014 end on January 30, 2016, and January 31, 2015, respectively. Note: Carry all decimals in calculations; enter the answers rounded to two digits after the decimal; for example, enter 1.42 for 1.424, or 1.43 for 1.425. a. Compute the asset turnover ratio for fiscal year 2015. Answer b. Compute the return on assets ratio for fiscal year 2015. Answerarrow_forwardThe following information is from Lacy's Inc. $ millions Prior Fiscal Year Current Fiscal Year Net Year-End Assets Revenue Income $21,330 14,403 $18,955 $1,070 a. Compute the asset turnover ratio for the current fiscal year. b. Compute the return on assets ratio for the current fiscal year. Numerator a. Asset Turnover Ratio $ Check b. Return on Assets Ratio $ Numerator Denominator / $ Denominator / $ || Result Resultarrow_forward
- Dundee Company reported the following for the current year: Net sales Cost of goods sold Beginning balance of total assets. Ending balance of total assets Compute total asset turnover. Numerator. 1 1 $ 100,800 72,000 127,000 97,880 Total Asset Turnover Denominator: = = = Total Asset Turnover Total asset turnover timesarrow_forwardThe following data were included in a recent Lavender Associates annual report (in millions): 2015 2016 $ 161,500 $ 159,910 15,480 13,700 2017 $ 68,225 4,820 2018 $112,449 7,980 Net revenue Net property, plant, and equipment Required: 1. Compute Lavender's fixed asset turnover ratio for 2016, 2017, and 2018. 2. During 2018, Zhu and Ramos reported a fixed asset turnover ratio of 8.8. Was Lavender's turnover better or worse than Zhu and Ramos's in that year?arrow_forwardThe 2017 Annual Report of Tootsie Roll Industries contains the following information. (in millions) December 31, 2017 December 31, 2016 Total assets $930.9 $920.1 Total liabilities 197.1 208.6 Net sales 515.7 517.4 Net income 80.7 67.2 Compute the following ratios for Tootsie Roll for 2017. (a) Asset turnover (Round answer to 3 decimal places, e.g. 0.851 times.) enter the asset turnover rounded to 4 decimal places times (b) Return on assets (Round answer to 2 decimal places, e.g. 4.87%.) enter the return on assets in percentages rounded to 2 decimal places % (c) Profit margin on sales (Round answer to 2 decimal places, e.g. 4.87%.) enter the profit margin on sales in percentages rounded to 3 decimal places %arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Financial And Managerial AccountingAccountingISBN:9781337902663Author:WARREN, Carl S.Publisher:Cengage Learning,Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage LearningManagerial Accounting: The Cornerstone of Busines...AccountingISBN:9781337115773Author:Maryanne M. Mowen, Don R. Hansen, Dan L. HeitgerPublisher:Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:Cengage Learning,
Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning
Managerial Accounting: The Cornerstone of Busines...
Accounting
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Cengage Learning
Financial ratio analysis; Author: The Finance Storyteller;https://www.youtube.com/watch?v=MTq7HuvoGck;License: Standard Youtube License