Reference no: EM13528438
Fashion Fabrics sells sewing and craft materials to specialty retail and department stores. For 2010, the company's New York Division had the following performance targets:
Asset turnover ...............3.0
Profit margin ................5.5%
Actual information concerning the performance of the New York Division in 2010 follows.
Total assets at beginning of year .....................$ 7,400,000
Total assets at end of year ............................. 9,900,000
Sales ...................................................... 24,000,000
Operating expenses ..................................... 23,160,000
a. For 2010, did the New York Division achieve its target objectives for ROI, asset turnover, and profit margin?
b. Which, as indicated by the performance measures, are the most likely areas to improve performance?
c. If the company has an overall target return of 13 percent, what was the New York Division's residual income for 2010?
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