UDING THE FOLLOWING DATA, ANSWER THE QUESTION TEW COMPANY Balance Sheet As of December 31,...
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UDING THE FOLLOWING DATA, ANSWER THE QUESTION TEW COMPANY Balance Sheet As of December 31, 2007 ASSETS Cash $20,000 Accounts Receivable 80,000 Inventory 50,000 Net Plant and Equipment 250.000 Total Assets $400,000 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts Payable $40,000 Accrued Expenses 60,000 Long-Term debt 130,000 Common Stock 100,000 Paid In capital 10,000 Retained earnings 60.000 Total Liabilities and Stockholders' Equity $400,000 TEW COMPANY Income Statement For the Year Ended December 31, 2007 Sales (all on credit) $500,000 Cost of Goods Sold 200.000 Gross Profit 300.000 Sales and Administrative Expense 20.000 Fixed Lease Expenses 10.000 Depreciation 40,000 Operating Profit 230,000 Interest Expense 20.000 Profit before Taxes 210,000 Taxes (35%) 73.500 Net Income $136,500 What is Tew Company Total Asset Turnover: Select one: O a. 1.25% Ob. 1.52 X Oc. 1.25 X
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