77.Total asset turnover is used to evaluate:   

A.The efficient use of assets to generate sales.

B.The necessity for asset replacement.

C.The number of times operating assets were sold during the year.

D.The cash flows used to acquire assets.

E.The relation between asset cost and book value.

78.A total asset turnover ratio of 3.5 indicates that:   

A.For every $1 in sales, the firm acquired $3.50 in assets during the period.

B.For every $1 in assets, the firm produced $3.50 in net sales during the period.

C.For every $1 in assets, the firm earned gross profit of $3.50 during the period.

D.For every $1 in assets, the firm earned $3.50 in net income.

E.For every $1 in assets, the firm paid $3.50 in expenses during the period.

79.The calculation of total asset turnover is:   

A.Gross profit divided by average total assets.

B.Average total assets divided by gross profit.

C.Net sales divided by average total assets.

D.Average total assets multiplied by net sales.

E.Net assets multiplied by total assets.

80.A company had average total assets of $887,000. Its gross sales were $1,090,000 and its net sales were $1,000,000. The company's total asset turnover equals:   

A.0.81.

B.0.89.

C.1.09.

D.1.13.

E.1.23.

Total Asset Turnover = Net Sales/Average Total AssetsTotal Asset Turnover = $1,000,000/$887,000 = 1.13

81.Spears Co. had net sales of $35,400 million. Its average total assets for the period were $14,700 million. Spears' total asset turnover equals:   

A.0.42.

B.0.35.

C.1.48.

D.2.41.

E.3.54.

Total Asset Turnover = Net Sales/Average Total AssetsTotal Asset Turnover = $35,400/$14,700 = 2.41

82.Land improvements are:   

A.Assets that increase the usefulness of land, and like land, are not depreciated.

B.Assets that increase the usefulness of land, but that have a limited useful life and are subject to depreciation.

C.Included in the cost of the land account.

D.Expensed in the period incurred.

E.Also called basket purchases.

83.Which of the following are not classified as plant assets?   

A.Land.

B.Land improvements.

C.Buildings.

D.Machinery and equipment.

E.Patent.

84.The cost of land would not include:   

A.Purchase price.

B.Cost of parking lot lighting.

C.Costs of removing existing structures.

D.Fees for insuring the title.

E.Government assessments.

85.A company paid $150,000, plus a 7% commission and $5,000 in closing costs for a property. The property included land appraised at $87,500, land improvements appraised at $35,000, and a building appraised at $52,500. What should be the allocation of this property's costs in the company's accounting records?    

A.Land $75,000; Land Improvements, $30,000; Building, $45,000.

B.Land $75,000; Land Improvements, $30,800; Building, $46,200.

C.Land $82,750; Land Improvements, $33,100; Building, $49,650.

D.Land $80,250; Land Improvements, $32,100; Building, $48,150.

E.Land $77,500; Land Improvements, $31,000; Building, $46,500.

Total cost to allocate = $150,000 + ($150,000 * .07) + 5,000 = $165,500 

Appraisal Value%

Land$87,500/$175,000= 50%

Land Improvements35,000/$175,000= 20%

Building52,500/$175,000= 30%

Total$175,000

Appraisal Value%Total CostAllocated

Land$87,50050%$165,500$82,750

Land Improvements35,00020%$165,50033,100

Building52,50030%$165,50049,650

Total$175,000$165,500

86.Merchant Company purchased property for a building site. The costs associated with the property were: 

Purchase price$185,000

Real estate commissions15,000

Legal fees700

Expenses of clearing the land2,000

Expenses to remove old building4,000

What portion of these costs should be allocated to the cost of the land and what portion should be allocated to the cost of the new building?    

A.$187,700 to Land; $19,000 to Building.

B.$200,700 to Land; $6,000 to Building.

C.$200,000 to Land; $6,700 to Building.

D.$185,000 to Land; $21,700 to Building.

E.$206,700 to Land; $0 to Building.

Total cost = $185,000 + $15,000 + $700 + $2,000 + $4,000 = $206,700The entire amount of the cost should be allocated to the land, since the new building is not yet constructed.

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