Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Benjamin Computer has the following income statement and balance sheet. What is Benjamin's total asset turnover? 1.12x 1.41x 1.53x 1.85x 1.99x begin{tabular}{|l|r|} hline Sales &
Benjamin Computer has the following income statement and balance sheet.
What is Benjamin's total asset turnover? 1.12x 1.41x 1.53x 1.85x 1.99x
\begin{tabular}{|l|r|} \hline Sales & 1,600,000 \\ \hline Cost of goods sold & 950,000 \\ \hline Selling, general \& admin expenses & 285,000 \\ \hline Depreciation & 120,000 \\ \hline Interest expense & 9,000 \\ \hline Taxes (30\%) & 70,800 \\ \hline Net income & 165,200 \\ \hline & \\ \hline Cash & 70,000 \\ \hline Receivables & 140,000 \\ \hline Inventory & 205,000 \\ \hline Net fixed assets & 630,000 \\ \hline Total Assets & 1,045,000 \\ \hline Accounts payable & 28,000 \\ \hline Other current liabilities & 25,000 \\ \hline Notes payable & 65,000 \\ \hline Long-term debt & 106,000 \\ \hline Total Equity & 821,000 \\ \hline Total Liabilities \& Equity & 1,045,000 \\ \hline \end{tabular}Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started