Mt Prevost Machine Corp -Refer to the Financial Statements of Mt

question 64

Multiple Choice

Mt. Prevost Machine Corp.
Income Statement (2001)
$\begin{array}{lr}\text { Sales } & \$ 4,000,000 \\ \text { Cost of goods sold } & 3,040,000 \\ \text { Gross profit } & 960,000 \\ \text { Selling and administrative expenses } & 430,000 \\ \text { Operating profit } & 530,000 \\ \text { Interest expense } & 160,000 \\ \text { Income before tax } & 370,000 \\ \text { Tax expense } & 148,000 \\ \text { Net income } & \$ 222,000\end{array}$
$\begin{array}{l}\text { Balance Sheet }\\\begin{array}{lrr} & 2001 & 2000 \\\text { Cash } & \$ 60,000 & \$ 50,000 \\\text { Aceounts receivable } & 550,000 & 500,000 \\\text { Inventory } & 690,000 & 620,000 \\\text { Total current assets } & 1,300,000 & 1,170,000 \\\text { Fixed assets } & 1,300,000 & 1,230,000 \\\text { Total assets } & 2,600,000 & 2,400,000 \\\text { Aceounts payable } & & \\\text { Bank loan } & 270,000 & 250,000 \\\text { Total current liabilities } & 580,000 & 500,000 \\\text { Bonds payable } & 850,000 & 750,000 \\\text { Total liabilities } & 900,000 & 1,000,000 \\\text { Common stock (25,000 shares) } & 1,750,000 & 1,750,000 \\\text { Retained earnings } & 250,000 & 250,000 \\\text { Total liabilities \& equity } & 600,000 & 400,000 \\\hline\end{array}\end{array}$
-Refer to the financial statements of Mt.Prevost Machine Corp.The firm's fixed asset turnover ratio for 2001 is ____.

• A) 1.60
• B) 3.16
• C) 3.31
• D) 4.64
• E) none of these

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Definitions:

Input Technologies

Input technologies are tools and devices that allow users to input data into computers or other electronic systems, such as keyboards, mice, touchscreens, and voice recognition systems.

Text Entry Fields

Areas in digital forms or applications where users can input text, such as names, addresses, or other information.

Button Size

Refers to the physical or digital dimensions of buttons, crucial for usability and design in web and product interfaces.

Digital Medium

A means of conveying content and communication through electronic devices, utilizing formats such as websites, social media, or digital files.