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Oksana_A [137]
3 years ago
12

A company has the following liabilities at year end: Mortgage note payable; $16,000 due within 12 months $355,000 Short-term deb

t that the company is refinancing with long-term debt 175,000 Deferred tax liability arising from depreciation 25,000 What amount should the company include in the current liability section of the balance sheet?
Business
1 answer:
Grace [21]3 years ago
4 0

Answer:

The amount that the company should include in the current liability section of the balance sheet is $16,000

Explanation:

The short-term debt that the company is refinancing with long-term debt is non-current and  deferred tax liability arising from depreciation is also non-current and should be disclosed as such in the Balance sheet after the sub-heading long-term borrowings.

Therefore, The amount that the company should include in the current liability section of the balance sheet is $16,000

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Aleonysh [2.5K]

Answer:

1.69

Explanation:

asset turnover ratio = net sales / average assets

I looked up the missing information and found the following:

total assets year 1 = $4,000,000

total assets year 2 = $4,300,000

net sales year 2 = $7,000,000

average assets = ($4,000,000 + $4,300,000) / 2 = $4,150,000

asset turnover ratio = $7,000,000 / $4,150,000 = 1.6867 = 1.69

The higher the asset turnover ratio, the more efficient a company is. Therefore, a higher asset turnover ratio is always better although there is no fixed parameter.

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