Use the following selected financial information for Wilcox Corporation to answer questions . Wilcox Corporation
Income Statement
For the Year Ended December 31,2015
Net sales Cost of goods sold Gross profit Operating expenses Operating profit Interest expense Earnings before taxes Income tax expense Net profit $2,8701,985$885620$26540$22580$145 Wilcox Corporation
Balance Sheet
December 31, 2015
Assets Current assets Cash Short-term investments Accounts receivable Inventory Total current assets Long-term assets Net PPE Goodwill Total assets $251570150260390210$860 Liabilities and stockholders’ equity Current liabilities Accounts payable Accrued liabilities Total current liabilities Long-term debt Total liabilities Stockholders’ equity Common stock and PIC Retained earnings Total stockholders’ equity Total liabilities and equity $854513024037080410490$860 WilcoxCorporation
Statement of Cash Flow Information
For the Year Ended December 31, 2015
Cash from operating activities Investing activities: Capital expenditures Acquisitions Financing activities: Proceeds from long-term borrowing Payments on long-term borrowing Payments of cash dividends Cash paid for interest Cash paid for income taxes $150$60$10$50$25$20$10$75
-Wilcox's total asset turnover ratio is:
DR (Debit)
DR, or Debit, represents the left side of a general ledger account and is used to record increases in assets or expenses and decreases in liabilities, equity, and income.
CR (Credit)
An accounting entry that decreases assets or increases liabilities and equity on a company's balance sheet, reflective of the double-entry bookkeeping system.
Tax Expense
The total amount of taxes a company incurs, reflecting both current taxes due and future tax liabilities.
Pre-Tax Book Income
The income of a business before taxes have been deducted, as reported in its financial statements.