1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Anestetic [448]
3 years ago
13

Use the following selected 2016 balance sheet and income statement information for Home Garden Supply Co. (in millions) to compu

te asset turnover (AT) to the nearest hundredth of a percent.
Net income Gross profit on sales Average total assets Sales Tax rate on operating profit
$69,960 $700,400 $360,600 $1,356,504 35%

Select one:

a. 5.16%
b. 9.99%
c. 51.63%
d. 33.56%
Business
1 answer:
zepelin [54]3 years ago
8 0

Answer:

3.76 times

Explanation:

The computation of the asset turnover is shown below:

Asset turnover = Net sales ÷ Average total assets

= $1,356,504 ÷ $360,600

= 3.76 times

By dividing the net sales from the average total assets, the asset turnover could arrive i.e 3.76 times

This is the answer but the same is not provided in the given options

You might be interested in
Sheldon and Morton formed a partnership with capital contributions of $80,000 and $40,000, respectively. Their partnership agree
Anastaziya [24]

Answer:

The answer is:

Sheldon: $39, 500;     Morton: $50, 500

Explanation:

A partnership is a binding agreement between two or more parties to carry on a business. The sole purpose of this agreement is to share skills and expertise so as to generate a profit. In a partnership, the partners have unlimited liability meaning that if the business established by the partners in unable to repay creditors, the creditors are legally allowed to seize the personal assets of the partners to cover the debts owing. However, in accounting for financial performance, the business is considered to be a separate entity (exists independent of the partners). Sheldon and Morton have established a profit-sharing arrangement that compensates Sheldon for the capital contribution (larger interest share) and Morton for his contributions to the business operations (larger salary share). The profit after these deductions is shared equally between the 2 partners. Assuming the given net income is after operations but before partner deductions, the share of the partners is calculated as follows:

                               Sheldon                           Morton

Interest                   $8,000                              $4,000

Salaries                  $10,000                             $25,000

Profit share            <u>$21, 500 </u>                           <u>$21, 500</u>

Total share            <u>$39, 500</u>                            <u>$50, 500</u>

Interest        (10% * $80, 000)                           (10% * $40, 000)

Profit share (50% * $43,000)                           (50% * $43,000)

Net Profit Share: $90, 000 - $(8,000 + 10,000 + 4,000 + 25,000)= $43,000

                     

8 0
3 years ago
FILL IN THE BLANK. The manager of a(n) ______ center does not have control over revenue or the use of investment funds.
irina1246 [14]

Answer: the correct answer would be <u>Profit center.</u>

Explanation:

hope this helps

7 0
1 year ago
What did congress do to protect consumers from monopolies, false advertising, and dishonest labeling? it established the america
alexandr1967 [171]
<span>In order to protect consumers from unfair business practices such as false advertising, dishonest labeling and monopolies, the federal government created the Federal Trade Commission to establish and enforce regulations protecting consumers from unfair and dishonest sales practices.</span>
4 0
3 years ago
Read 2 more answers
Abbott Company uses the allowance method of accounting for uncollectible accounts. Abbott estimates that 3% of net credit sales
mixer [17]

Answer:

b. $3,000

Explanation:

According to the above information, the following data are given

Credit sales = $100,000

Uncollectible percentage = 3%

So, after the adjustment by using allowance method, Bad debt expense can be calculated as;

Bad debt expense = Credit sales × Uncollectible percentage

= $100,000 × 3%

= $3,000

3 0
3 years ago
White Company's wages payable account had a beginning balance of $3,757 and an ending balance of $2,070. During the year, wages
borishaifa [10]

Answer:

the amount paid during the year is $16,875

Explanation:

The computation of the amount paid during the year is shown below:

Opening Balance $3,757

Add: Wages expense $15,188

Less: Closing Balance -$2,070

Amount Paid $16,875

Hence, the amount paid during the year is $16,875

We simply applied the above formula so that the correct value could come

And, the same is to be considered

7 0
3 years ago
Other questions:
  • Macy Corporation's relevant range of activity is 5100 units to 11,500 units. When it produces and sells 8300 units, its average
    7·1 answer
  • Which of the following is NOT an employer responsibility stated in OSHA’s Bloodborne Pathogens Standard?
    10·2 answers
  • In 1992, the Enron Development Corporation, a subsidiary of the Houston-based energy company, signed a contract to build the lar
    7·1 answer
  • A running shoe company wants to reach "avid marathon runners" instead of just "sports fans". which targeting method should this
    11·1 answer
  • Businesses that are separated into two or more manageable units in which managers have authority &amp; responsibility for operat
    11·1 answer
  • In what order should tasks in the writing process be completed
    10·1 answer
  • Hallie owns 20% of the common stock of the Bean Brothers Coffee Company. The company announced plans to offer an additional 10,0
    6·1 answer
  • 1) The defect rate for your product has historically been about 2.00%. For a sample size of 300, the upper and lower 3-sigma con
    9·1 answer
  • What are the three methods of calculating balance charges on credit cards?.
    15·1 answer
  • Jordan Sales Company (organized as a corporation on April 1, 2014) has completed the accounting cycle for the second year, ended
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!