Blackerby Photo reported the following figures on its December 31, 2014, income statement and balance sheet Compute the asset turnover ratio for2014 Net sales 462,000 Dec 31, 2014 $ 15,000 54,000 77,000 15,000 29,000 Dec 31, 2013 Cash Accounts Receivable Merchandise Inventory Prepaid Expenses Prope...

Dec 31 2014 Dec 31 2013 Cash 15000 20000 Accounts Receivable 5400 ...

Blackerby Photo reported the following figures on its December 31, 2014, income statement and balance sheet: Compute

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Blackerby Photo reported the following figures on its December 31, 2014, income statement and balance sheet:

Compute the asset turnover ratio for2014.

Asset Turnover
Asset turnover is sales divided by total assets. Important for comparison over time and to other companies of the same industry. This is a standard business ratio.

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Horngrens Financial and Managerial Accounting

ISBN: 978-0133255584

4th Edition

Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura

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Question Posted: Jan 16, 2015 09:00 AM

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Blackerby Photo reported the following figures on its December 31, 2014, income statement and balance sheet: Compute

Question:

Net sales 462,000 Dec. 31, 2014 $ 15,000 54,000 77,000 15,000 29,000 Dec. 31, 2013 Cash Accounts Receivable Merchandise Inventory Prepaid Expenses Property, plant, and equipment, net 20,000 73,000 69,000 9,000 14,000

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Horngrens Financial and Managerial Accounting

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