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| Canadian Bacon Inc. financial statements are presented in the table below. Based on the information in the table, calculate the firm’s total assets turnover ratio. Round the answers to two decimal places Balance Sheet December 31, 2012 Cash and marketable securities$198,000Accounts payable $288,000 Accounts receivable$469,000Notes payable$65,000 Inventories$577,000Accrued expenses$84,000 Prepaid expenses$15,700Total current liabilities$437,000 Total current assets$1,259,700Long-term debt$237,000 Gross fixed assets$1,954,000Par value and paid-in-capital$199,000 Less: accumulated depreciation$476,000Retained Earnings$1,864,700 Net fixed assets $1,478,000Common Equity2,063,700 Total assets$2,737,700Total liabilities and owner’s equity$2,737,700 Income Statement, Year of 2012 Net sales (all credit)$7,546,600.00 Less: Cost of goods sold$6,112,746.00 Selling and administrative expenses$349,000.00 Depreciation expense$145,000.00 EBIT$939,854.00 Interest expense$49,500.00 Earnings before taxes$890,354.00 Income taxes$356,141.60 Net income $534,212.40 Your Answer: |
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