Required information The Foundational 15 (Algo) [LO14-2, LO14-3, LO14-4, LO14-5, LO14-6] [The following information applies to the questions displayed below.] Markus Company's common stock sold for $6.00 per share at the end of this year. The company paid a common stock dividend of $0.96 per share this year. It also provided the following data excerpts from this year's financial statements: Cash Accounts receivable Inventory Current assets. Total assets Current liabilities Total liabilities Common stock, $1 par value Total stockholders' equity Total liabilities and stockholders' equity Ending Balance $ 54,000 $ 102,000 $ 82,000 $ 238,000 Beginning Balance $ 48,200 $ 73,700 $ 102,000 $ 223,900 $ 998,000 $ 103,500 $ 220,000 $ 198,000 $ 178,000 $ 178,000 $ 680,000 $ 800,000 $ 900,000 $ 998,000 $ 900,000 $ 93,000 This Year Sales (all on account) Cost of goods sold Gross margin $ 1,210,000 $ 701,800 $ 508,200 Net operating income $ 378,000 Interest expense Net income $ 18,000 $ 252,000 Foundational 14-12 (Algo) 12. What is the total asset turnover? (Round your answer to 2 decimal places.) Total asset turnover

Required information The Foundational 15 (Algo) [LO14-2, LO14-3, LO14-4, LO14-5, LO14-6] [The following information applies to the questions displayed below.] Markus Company's common stock sold for $6.00 per share at the end of this year. The company paid a common stock dividend of $0.96 per share this year. It also provided the following data excerpts from this year's financial statements: Cash Accounts receivable Inventory Current assets. Total assets Current liabilities Total liabilities Common stock, $1 par value Total stockholders' equity Total liabilities and stockholders' equity Ending Balance $ 54,000 $ 102,000 $ 82,000 $ 238,000 Beginning Balance $ 48,200 $ 73,700 $ 102,000 $ 223,900 $ 998,000 $ 103,500 $ 220,000 $ 198,000 $ 178,000 $ 178,000 $ 680,000 $ 800,000 $ 900,000 $ 998,000 $ 900,000 $ 93,000 This Year Sales (all on account) Cost of goods sold Gross margin $ 1,210,000 $ 701,800 $ 508,200 Net operating income $ 378,000 Interest expense Net income $ 18,000 $ 252,000 Foundational 14-12 (Algo) 12. What is the total asset turnover? (Round your answer to 2 decimal places.) Total asset turnover

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 57E: Outstanding Stock Lars Corporation shows the following information in the stockholders equity...

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