Condensed financial data are presented below for the Phoenix Corporation: 20X2 20X1 Accounts receivable $ 267,500 $
Fantastic news! We've Found the answer you've been seeking!
Question:
Condensed financial data are presented below for the Phoenix Corporation:
20X2 | 20X1 | |||||||||||
Accounts receivable | $ | 267,500 | $ | 230,000 | ||||||||
Inventory | 312,500 | 257,500 | ||||||||||
Total current assets | 670,000 | 565,000 | ||||||||||
Intangible assets | 50,000 | 60,000 | ||||||||||
Total assets | 825,000 | 695,000 | ||||||||||
Current liabilities | 252,500 | 200,000 | ||||||||||
Long-term liabilities | 77,500 | 75,000 | ||||||||||
Sales | 1,640,000 | |||||||||||
Cost of goods sold | 982,500 | |||||||||||
Interest expense | 10,000 | |||||||||||
Income tax expense | 77,500 | |||||||||||
Net income | 127,500 | |||||||||||
Cash flow from operations | 71,000 | |||||||||||
Cash flow from investing activities | (6,000 | ) | ||||||||||
Cash flow from financing activities | (62,500 | ) | ||||||||||
Tax rate | 30 | % | ||||||||||
The total asset turnover ratio for 20X2 is (rounded):
Multiple Choice
1.7 times.
2.0 times.
2.2 times.
2.4 times
Related Book For
Financial Reporting And Analysis
ISBN: 9781260247848
8th Edition
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
Posted Date: