Question: In its annual report Phono Corporation reported beginning total assets

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.

View Solution:


Sale on SolutionInn
Sales3
Views266
Comments
  • CreatedJuly 16, 2015
  • Files Included
Post your question
5000