Reference no: EM133107483
Question 1 - The 2022 annual report of TatraTea Inc. contains the following information. Note the amount is in thousands of dollars.
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December 31, 2022
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December 31, 2021
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Total assets
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$1,071,348
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$787,167
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Total liabilities
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626,178
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410,044
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Consolidated sales
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3,374,463
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2,443,592
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Net income
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66,234
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49,062
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Required - Calculate the following ratios for TatraTea in 2022.
1. Calculate the asset turnover ratio.
2. Calculate the rate of return on assets.
3. Calculate the profit margin on sales.
Question 2 - Pump Fitness Corp. purchased machinery for $260,000 on July 1, 2022. It is estimated that it will have a useful life of 10 years, residual value of $40,000, production of 110,000 units, and working hours of 44,000. During 2023, Pump Fitness Corp. uses the machinery for 6,000 hours, and the machinery produces 14,500 units.
Required - From the information given, calculate the depreciation charge for 2023 under each of the following methods.
1. Straight-line
2. Units of production.
3. Working hours. Round the per-hour charge to the nearest cent
4. Sum-of-the-years'-digits.
5. Declining balance (use 20% as the annual rate).
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Describe the internal communication system
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