The Comparative Financial Statements of Seward,Inc The Fixed Asset Turnover Ratio for the Current Year Is

question 91

Multiple Choice

The comparative financial statements of Seward,Inc.include the following data: $\begin{array}{lrr}&\text { Curyent Year}&\text { Prior Year }\\\text { Income Statement }\\\text { Net Sales Revenue } & \mathbf{2 3 4 , 0 0 0} & \mathbf{1 8 0 , 0 0 0} \\\text { Cost of Goods Sold } & 99,000 & 84,600 \\\text { Operating Expenses } & 70,200 & 57,600 \\\text { Interest Expense } & 6,300 & 6,300 \\\text { Income Tax Expense } & 9,000 & 7,200 \\\text { Net Income } & 49,500 & 24,300\\ \text {Balance Sheet }\\\text { Current Assets } & \mathbf{2 0 7 , 0 0 0} & \mathbf{1 7 1 , 0 0 0} \\\text { Plant, Property and Equipment, Net } & 176,400 & 189,000 \\\text { Current Liabilities } & 81,000 & 68,400 \\\text { Long-Term Liabilities } & 77,400 & 77,400 \\\text { Stockholders' Equity } & 225,000 & 214,200 \\\text { Total Liabilities \& Stockholders' Equity } & 383,400 & 360,000\end{array}$ The fixed asset turnover ratio for the current year is closest to:

• A)1.28.
• B)1.24.
• C)0.75.
• D)1.64.

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