The following Tables present the summary of the balance sheet and income statement items of...
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The following Tables present the summary of the balance sheet and income statement items of IBM Company. All values are in millions dollars. A. Balance sheet Items 2019 2018 Cash 8,313 11,604 Marketable securities 696 618 Account receivables 23,795 30,563 Inventory 1,619 1,682 Prepaid expenses 3,997 4,678 Net Fixed Assets 96,457 68,764 Investment in AB Co. stocks 17,309 5,473 Account payables 24,600 21,372 Wages and salaries payable 13,101 16,855 Bond payable (10 yrs.) 54,102 35,605 Notes payable (3 yrs.) 39,398 32,621 Total shareholders' Equity Capital 20,985 16.929 B. Income statement Items Revenues Cost of goods sold 2019 77,147 40,659 2018 79,591 42,655 Salaries & benefits Rent & other expenses Deprecation Interest Taxes (239) Net Income 11,786 4,412 8,780 1,344 731 9,435 13,197 5,000 6,674 723 2,619 8,723 Red Required? A. Compute the Net-operating Asset turnover (NOAT) of IBM Company in 2019. Suppose that the industry average NOAT is 2.5x. Evaluate the asset management performance of the company compared to the industry (6 pts)
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