The Following Information Was Available for Landmark Restaurants for the Past

question 34

Essay

The following information was available for Landmark Restaurants for the past three years.
Required:
Using this information, compute the fixed asset turnover ratio for Year 3 and Year 2. Round your answers to two decimal places. $$\begin{array} { l r r r r } \text { In thousands } & \text { Year 3 } & \text { Year 2 } & \text { Year 1 } \\\text { Net fixed assets } & \$ 965,575 & \$ 830,930 & \$ 587,829 \\\text { Net sales } & 1,105,755 & 894,795 & 746,642 \\\text { Net income } & 45,901 & 41,522 & 26,920\end{array}$$

---

Definitions:

Demand Curve

A graph showing the quantity of a good that consumers are willing and able to purchase at various prices.

Imposed Price

A price that is set by an external authority rather than by market forces of supply and demand.

Consumer-friendly

Describes goods, services, or policies that are designed with the welfare or satisfaction of consumers in mind.

Real Estate Market

The market segment encompassing the buying, selling, and leasing of property including land and buildings.