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Illusion [34]
3 years ago
5

Runyon Inc. reported the following results from last year’s operations: Sales $ 16,800,000 Variable expenses 12,230,000 Contribu

tion margin 4,570,000 Fixed expenses 3,394,000 Net operating income $ 1,176,000 The company’s average operating assets were $7,000,000. Last year's turnover was closest to: Multiple Choice 0.42 14.29 0.07 2.40
Business
1 answer:
Andre45 [30]3 years ago
4 0

Answer:

Turnover is equal to 2.40

Explanation:

Consider the following equation to calculate the turnover

Turnover = Sales /Average operating assets

= 16.800.000/7000000=

2.4

<em />

<em>Turnover is an accounting concept that calculates how quickly a business conducts its operations.</em>

 

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Prepare a multiple-step income statement for Armstrong Co. from the following data for the year ended December 31. Sales, $755,0
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Answer:

See explanation

Explanation:

                       Armstrong Co.

          Multi-step Income Statement

  For the year ended, December 31, 20YY

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<u>Less: Cost of merchandise sold   (330,000)</u>

Gross Profit                                                    $425,000

Less: Operating expenses

Administrative expenses  $35,000

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<em><u>Total operating expenses                               $85,000</u></em>

Income from operation                                 $340,000

Other revenue and expenses:

Rent Revenue                    $25,000

interest expense               ($30,000)

<u>Total other revenues (expenses)                      $(5,000)</u>

Income before taxes                                      $335,000

<u>Less: Income Tax                                                     0</u>

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That is the appropriate way to prepare a multi-step income statement

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Arada [10]

Answer:

The offer at $4.60 by the broker is higher than the calculated fair value of $4.545 hence i will not take up his offer

Explanation:

Given data:

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