Ex. 297 During 2014 Perez Corporation reported net sales of $3,200,000 and net income of $1,500,000. Its statement of financial position reported average total assets of $1,600,000. Instructions...

Ex. 297

During 2014 Perez Corporation reported net sales of $3,200,000 and net income of $1,500,000. Its statement of financial position reported average total assets of $1,600,000.

Instructions

Calculate the asset turnover ratio.

Ex. 298

Indicate in the blank spaces below, the section of the statement of financial position where the following items are reported. Use the following code to identify your answer:

PPEProperty, Plant, and Equipment

IIntangibles

OOther

N/A Not on the statement of financial position

1.___Goodwill_____ 7.Timberlands

2.___Land Improvements_____ 8.Franchises

3.___Buildings_____ 9.Licenses

4.___Accumulated Depreciation_____ 10.Equipment

5.___Trademarks_____ 11.Oil Deposits

6.___Research Costs_____ 12.Land

^a