LOGIC COMPANYComparative Income StatementFor Years Ended December 31, 2022 and 2023Gross salesSales returns and allowancesNet salesCost of merchandise (goods) soldGross profitOperating expenses:DepreciationSelling and administrativeResearchMiscellaneousTotal operating expensesIncome before interest and taxesInterest expenseIncome before taxesProvision for taxesNet incomeCurrent assets:CashAccounts receivableMerchandise inventoryPrepaid expensesTotal current assetsTotal assetsAssetsPlant and equipment:Building (net)LandTotal plant and equipmentCurrent liabilities:Accounts payableSalaries payableTotal current liabilitiesLong-term liabilities:Mortgage note payableTotal liabilitiesCommon stockRetained earningsLiabilitiesAsset turnover ratioLOGIC COMPANYComparative Balance SheetDecember 31, 2022 and 2023Stockholders' EquityTotal stockholders' equityTotal liabilities and stockholders' equity2023$ 21,2008002023$ 20,40011,450$ 8,9502022$ 9203,850770580$ 6,120$2,830780$ 2,050820$ 1,2302022$ 16,650100$ 16,5508,400$ 8,150Calculate the asset turnover ratio.Note: Enter your response as a decimal rounded to 2 places.$ 7103,100610410$ 4,830$ 3,320610$ 2,7101,084$ 1,6262023$ 13,10017,6009,60025,100$ 65,400$ 15,60014,600$ 30,200$ 95,600$ 14,1008,100$ 22,20023,100$ 45,300$ 22,10028,200$ 50,300$ 95,6002022$ 10,10013,60015,10011,100$ 49,900$ 12,10010,100$ 22,200$ 72,100$ 8,1006,100$ 14,20021,600$ 35,800$ 22,20014,100$ 36,300$ 72,100dollar sales per $1 of assets

Name: LOGIC COMPANYComparative Income StatementFor Years Ended December 31,
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Description: LOGIC COMPANYComparative Income StatementFor Years Ended December 31, 2022 and 2023Gross salesSales returns and allowancesNet salesCost of merchandise (goods) soldGross profitOperating expenses:DepreciationSelling and administrativeResearchMiscellan

Solution:- Asset turnover ratio measures that how much is the net sales of the company to its total…

Answered: Calculate the asset turnover ratio.…

Business

Finance

Calculate the asset turnover ratio. Note: Enter your response as a decimal rounded to 2 places. Asset turnover ratio 2023 2022 dollar sales per $1 of assets

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 3E

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LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2022 and 2023 2023 Gross sales Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative Research Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes Net income Current assets: Cash Plant and equipment: Building (net) Land Accounts receivable. Merchandise inventory. Prepaid expenses Total current assets Total assets Assets Total plant and equipment Liabilities Current liabilities: Accounts payable Salaries payable Total current liabilities Common stock Retained earnings LOGIC COMPANY Comparative Balance Sheet December 31, 2022 and 2023 Long-term liabilities: Mortgage note payable Total liabilities. Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity Average day's collection ratio $ 20,200 1,000 $19,200 11,700 $7,500…
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