(a) Calculate the asset turnover ratio for 2023. (Round answer to 2 decimal places, e.g. 52.75.)
(a) Calculate the asset turnover ratio for 2023. (Round answer to 2 decimal places, e.g. 52.75.)
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter12: Fainancial Statement Analysis
Section: Chapter Questions
Problem 80E: Asset Efficiency Ratios Refer to financial statements in Exercise 12-76 and the information below....
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The 2023 annual report for Pronghorn Industries Inc. contained the following information:
Dec. 31, 2022 Dec. 31, 2023
Total assets 561,000 605,000
Total liabilities 65,400 88,900
Net revenue 410,000 530,000
Net income 54,000 32,000
(a) Calculate the asset turnover ratio for 2023. (Round answer to 2 decimal places, e.g. 52.75.)
b) Calculate the profit margin on sales for 2023.
c) Calculate the
d) Calculate the rate of return on assets using profit margin for 2023
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