Question

In its annual report, Phono Corporation reported beginning total assets of $360,000, ending total assets of $406,000, beginning fixed assets of $300,000 (at cost), ending fixed assets of $311,000 (at cost), ending accumulated depreciation of $106,000, depreciation expense of $16,500, and net revenues of $120,000.
Required
Calculate Phono's fixed asset turnover ratio for the year and its average useful life and age of fixed assets at year-end.


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  • CreatedJuly 16, 2015
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