Question
The Reed Division reports the following operating data for the past two years: Year 1 Year 2 Margin 19% ? Turnover 2.5 3.0 Average operating
The Reed Division reports the following operating data for the past two years: Year 1 Year 2 Margin 19% ? Turnover 2.5 3.0 Average operating assets ? $170,000 Net operating income $48,450 ? Stockholders equity $80,000 $125,000 Sales ? ? The return on investment at Reed was exactly the same in Year 1 and Year 2. Sales in Year 2 amounted to:
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Auditing The Art and Science of Assurance Engagements
Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Ingrid B. Splettstoesser
12th Canadian edition
133098230, 978-0132791564, 132791560, 978-0133098235
