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Sladkaya [172]
3 years ago
5

Financial statement data for years ending December 31, 2019 and 2018, for Edison Company follow: 2019 2018 Sales $513,500 $480,0

00 Total assets: Beginning of year 360,000 280,000 End of year 430,000 360,000 a. Determine the asset turnover for 2019 and 2018. Round your answers to one decimal place.
Business
1 answer:
madam [21]3 years ago
5 0

Answer:

The answer is

For 2018 - 1.5

For 2019 - 1.3

Explanation:

Asset turnover ratio=Net sales/average total assets

For 2018:

Sales - $480,000

Beginning asset - 360,000

Ending asset -360,000

Average total asset:

($280,000 + $360,000)/2

=$320,000

Therefore, asset turnover for 2018 is:

$480,000/$320,000

=1.5

For 2019:

Sales - $513,500

Beginning asset - $360,000

Ending asset - $430,000

Average total asset:

($360,000 + $430,000)/2

=$395,000

Therefore, asset turnover for 2019 is:

$513,500/$395,000

=1.3

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5 0
3 years ago
Over the course of 40 years, sal grew his company to six package shipping stores. with his retirement approaching and the increa
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Del is buying a $250,000 home. He has been approved for a 5.75% mortgage. He was required to make a 15% down payment and will be
alukav5142 [94]

Answer:

Del is expected to prepaid to pay $535.62 in prepaid interest at the closing.

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Total interest  to pay at closing=16days*$33.48

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4 0
3 years ago
At times, an insignificant detail can be important to a significant event. <br> a. True<br> b. False
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However, one of the major reasons why financial information is provided by the regulatory agencies to investor, creditors and depositors is to make informed decisions about Banks and their financial conditions.

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