Sales for the year totaled $50,000. Compute asset turnover.
Format of Foreign Balance Sheet
Following is a balance sheet presented in standard U.S. format. Rearrange this balance sheet to be in standard British format. Don't worry about differences in terminology; use the U.S. labels, but present the information in the British format.
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Current Assets:
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Cash
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$ 500
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Inventory
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2,000
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Total current assets
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$ 2,500
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Noncurrent Assets:
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Property, plant, and equipment
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$ 8,000
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Long-term investments
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1,700
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Total noncurrent assets
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$ 9,700
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Total assets
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$12,200
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Current Liabilities:
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Accounts payable
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$ 300
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Short-term loans payable
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1,100
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Total current liabilities
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$ 1,400
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Noncurrent Liabilities:
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Long-term debt
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$ 3,000
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Stockholders' Equity:
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Common stock, at par
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$ 50
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Additional paid-in capital
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2,000
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Retained earnings
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5,750
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Total stockholders' equity
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$ 7,800
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Total liabilities and stockholders' equity
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$12,200
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