In its annual report, Phono Corporation reported beginning total assets of $360,000, ending total assets of $406,000,

Question:

In its annual report, Phono 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 ratio for the year and its average useful life and age of fixed assets at year-end.
Asset Turnover
Asset turnover is sales divided by total assets. Important for comparison over time and to other companies of the same industry. This is a standard business ratio. Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...