The financial statements of Parker Company include the following data $250,000 1

Question

The financial statements of Parker Company include the following data $250,000 100,000 5,000 91,400 75,000 7,000 Niet Cash Provided tom Openning Actiins Net Income argper he Balance Sheet December 3 Ameb 31. 222.500 27 .200 90,700 Cash 34,000 87000 340,400 240,700 126,000 127,000 466,400 367700 Liablitis and Steckboldens Equity 38,700 $ 39,400 75,000 114,400 69,000 107,700 209,000185,000 10% Bonds Payable Total Lieblie Tetal Stockholders Equity Totzl Lisblites and Stockhelde Equ 143,000 352,000 5 466.400 75,000 260,000 $367 700 Required: Compute the asset turnover ratio for 2016. Round your answer to the nearest percentage. (If necessary, consult a list of formulas) Asset tumover ratio Clear Undo Help OType here to search

Explanation / Answer

Assets turvover ratio :

Average operating assets = (466400+367700/2) = 417050

Assets turnover ratio = Sales/average operating assets

= 250000/417050

Assets turnover ratio = 59.94%

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