(a) Calculate Marin's (1) asset turnover ratio, and (2) return on assets ratio for 2023 through...

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(a) Calculate Marin's (1) asset turnover ratio, and (2) return on assets ratio for 2023 through 2025. (Round answers to 2 decimal places, e.g. 52.75.) Asset turnover ratio Return 2025 times 2024 times 2023 times on assets % % % ratio Cullumber Company purchased land, a building, and equipment on January 2, 2024, for $860,000. The company paid $170,000 cash and signed a mortgage note payable for the remainder. Management's best estimate of the value of the land was $356,000; of the building, $400,500; and of the equipment, $133,500. Record the purchase. (Use Mortgage Payable for account.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Account Titles Jan. 2 Debit Credit Cullumber Company acquires equipment at a cost of $32,900 on January 3, 2024. Management estimates the equipment will have a residual value of $4,700 at the end of its 4-year useful life. Assume that the company uses the diminishing-balance method and that the diminishing-balance depreciation rate is double the straight-line rate. Calculate the depreciation expense for each year of the equipment's life. Depreciation - 2024 $ Depreciation - 2025 $ Depreciation - 2026 $ Depreciation-2027 $ Speedy Taxi Service uses the units-of-production method in calculating depreciation on its taxicabs. Each cab is expected to be driv 551,000 km. Taxi 10 cost $44,783 and is expected to have a residual value of $4,560. Taxi 10 is driven 93,000 km in 2023, and 137, km in 2024. (a) Calculate the depreciable amount per kilometre. (Round depreciable amount per unit to 3 decimal places, e.g. 5.276.) Depreciable cost per kilometre $ (b) Calculate the depreciation expense for 2023 and 2024. Depreciation - 2023 $ Depreciation-2024 $ /km. Sandhill Company sells equipment on March 31, 2024, for $33,480 cash. The equipment was purchased on January 5, 2021, at a cost of $83,000, and had an estimated useful life of five years and a residual value of $2,700. Sandhill Company uses straight-line depreciation for equipment. Adjusting journal entries are made annually at the company's year end, December 31. (a) Prepare the journal entry to update depreciation to March 31, 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Date Account Titles Mar. 31 Debit Credit On July 1, 2023 Sweet Acacia's Greenhouse purchased a new delivery truck for $80,000. Sweet Acacia estimates that the delivery truck will have a five-year useful life, or 240,000 kilometres, and a residual value of $8,000. Sweet Acacia's Greenhouse has a December 31 year end. Sweet Acacia drove the truck 10,000 km in 2023 and 36,000 km in 2024. (a) Calculate depreciation expense using the straight-line method for 2023 and 2024. 2023 Depreciation Expense $ 2024 Pharoah Company has a December 31 fiscal year end. Selected information follows for Pharoah Company for two independent situations as at December 31, 2024: 1. 2. Pharoah purchased a patent from Shamrock Inc. for $420,000 on January 1, 2021. The patent expires on January 1, 2029. Pharoah has been amortizing it over its legal life. During 2024, Pharoah determined that the patent's economic benefits would not last longer than six years from the date of acquisition. Pharoah has a trademark that had been purchased in 2017 for $285,000. During 2023, the company spent $50,000 on a lawsuit that successfully defended the trademark. On December 31, 2024, it was assessed for impairment and the recoverable amount was determined to be $304,000. (a) For each of these assets, determine the amount that will be reported on Pharoah's December 31, 2023 and 2024, balance sheets. (Round answers to O decimal places, e.g. 5,276.) (a) For each of these assets, determine the amount that will be reported on Pharoah's December 31, 2023 and 2024, balance sheets. (Round answers to O decimal places, e.g. 5,276.) Patent Trademark $ December 31, 2023 +A $ $ December 31, 2024 Marin Inc., a fertilizer company based in Alberta, had the following information on its financial statements for the fiscal years ended December 31. All figures are in millions of dollars. 2025 2024 2023 2022 Net sales $16,114 $15,747 $16,906 $15,320 Profit 750 1,321 1.438 1,380 Total assets 17.492 15,947 14,370 13,140 (a) Calculate Marin's (1) asset turnover ratio, and (2) return on assets ratio for 2023 through 2025. (Round answers to 2 decimal places, e.g. 52.75.) (a) Calculate Marin's (1) asset turnover ratio, and (2) return on assets ratio for 2023 through 2025. (Round answers to 2 decimal places, e.g. 52.75.) Asset turnover ratio Return 2025 times 2024 times 2023 times on assets % % % ratio Cullumber Company purchased land, a building, and equipment on January 2, 2024, for $860,000. The company paid $170,000 cash and signed a mortgage note payable for the remainder. Management's best estimate of the value of the land was $356,000; of the building, $400,500; and of the equipment, $133,500. Record the purchase. (Use Mortgage Payable for account.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Account Titles Jan. 2 Debit Credit Cullumber Company acquires equipment at a cost of $32,900 on January 3, 2024. Management estimates the equipment will have a residual value of $4,700 at the end of its 4-year useful life. Assume that the company uses the diminishing-balance method and that the diminishing-balance depreciation rate is double the straight-line rate. Calculate the depreciation expense for each year of the equipment's life. Depreciation - 2024 $ Depreciation - 2025 $ Depreciation - 2026 $ Depreciation-2027 $ Speedy Taxi Service uses the units-of-production method in calculating depreciation on its taxicabs. Each cab is expected to be driv 551,000 km. Taxi 10 cost $44,783 and is expected to have a residual value of $4,560. Taxi 10 is driven 93,000 km in 2023, and 137, km in 2024. (a) Calculate the depreciable amount per kilometre. (Round depreciable amount per unit to 3 decimal places, e.g. 5.276.) Depreciable cost per kilometre $ (b) Calculate the depreciation expense for 2023 and 2024. Depreciation - 2023 $ Depreciation-2024 $ /km. Sandhill Company sells equipment on March 31, 2024, for $33,480 cash. The equipment was purchased on January 5, 2021, at a cost of $83,000, and had an estimated useful life of five years and a residual value of $2,700. Sandhill Company uses straight-line depreciation for equipment. Adjusting journal entries are made annually at the company's year end, December 31. (a) Prepare the journal entry to update depreciation to March 31, 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Date Account Titles Mar. 31 Debit Credit On July 1, 2023 Sweet Acacia's Greenhouse purchased a new delivery truck for $80,000. Sweet Acacia estimates that the delivery truck will have a five-year useful life, or 240,000 kilometres, and a residual value of $8,000. Sweet Acacia's Greenhouse has a December 31 year end. Sweet Acacia drove the truck 10,000 km in 2023 and 36,000 km in 2024. (a) Calculate depreciation expense using the straight-line method for 2023 and 2024. 2023 Depreciation Expense $ 2024 Pharoah Company has a December 31 fiscal year end. Selected information follows for Pharoah Company for two independent situations as at December 31, 2024: 1. 2. Pharoah purchased a patent from Shamrock Inc. for $420,000 on January 1, 2021. The patent expires on January 1, 2029. Pharoah has been amortizing it over its legal life. During 2024, Pharoah determined that the patent's economic benefits would not last longer than six years from the date of acquisition. Pharoah has a trademark that had been purchased in 2017 for $285,000. During 2023, the company spent $50,000 on a lawsuit that successfully defended the trademark. On December 31, 2024, it was assessed for impairment and the recoverable amount was determined to be $304,000. (a) For each of these assets, determine the amount that will be reported on Pharoah's December 31, 2023 and 2024, balance sheets. (Round answers to O decimal places, e.g. 5,276.) (a) For each of these assets, determine the amount that will be reported on Pharoah's December 31, 2023 and 2024, balance sheets. (Round answers to O decimal places, e.g. 5,276.) Patent Trademark $ December 31, 2023 +A $ $ December 31, 2024 Marin Inc., a fertilizer company based in Alberta, had the following information on its financial statements for the fiscal years ended December 31. All figures are in millions of dollars. 2025 2024 2023 2022 Net sales $16,114 $15,747 $16,906 $15,320 Profit 750 1,321 1.438 1,380 Total assets 17.492 15,947 14,370 13,140 (a) Calculate Marin's (1) asset turnover ratio, and (2) return on assets ratio for 2023 through 2025. (Round answers to 2 decimal places, e.g. 52.75.)