QUESTION 16 TEW COMPANY Balance Sheet As of December 31, 2007 ASSETS Cash Accounts Receivable Inventory Net Plant and Equipment Total Assets $20,000 80,000 50,000 250.000 $400,000 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts Payable Accrued Expenses $40,000 60,000 Long-Term debt Common Stock Paid-In capital Retained earnings Total Liabilities and Stockholders' Equity 130,000 100,000 10,000 60,000 $400,000 TEW COMPANY Income Statement For the Year Ended December 31, 2007 Sales (all on credit) Cost of Goods Sold $500,000 200.000 Click Save and Submit to save and submit. Click Save All Answers to save all annen MacBook Pro Remaining Time: 57 minutes, 03 seconds. Question Completion Status: TUTIT opra Retained earnings Total Liabilities and Stockholders' Equity TUUUU 60.000 $400,000 TEW COMPANY Income Statement For the Year Ended December 31, 2007 Sales (all on credit) Cost of Goods Sold Gross Profit Sales and Administrative Expense Fixed Lease Expenses Depreciation Operating Profit Interest Expense Profit before Taxes Taxes (35%) Net Income $500,000 200,000 300,000 20,000 10,000 40,000 230,000 20.000 210,000 73,500 $136,500 Refer to the figure above. What is Tew's total asset turnover? 2.9x 1.3x 1.0x 1.25x QUESTION 17 Assuming proper accounting disclosure is used, a large extraordinary loss has what effect on the cost of goor It raises it. It lowers it. Click Save and Submit to save and submit. Click Save All Answers to save all answers. MacBook Pro