What is the fixed asset turnover of Y2008 for a 731-room downtown hotel that recorded total...
What is the fixed asset turnover of Y2008 for a 731-room downtown hotel that recorded total revenues of $34,076,753 in Y2008 and $35,650,873 in Y2007? The property on its balance sheet had fixed assets in Y2008 of $26,800,000 and $22,750,000 in Y2007.
Round your answer to two decimal points.
Fixed asset turnover = ___ times.
Homework Answers
Fixed Asset Turnover = Revenue for the year/Average Fixed Assets
Average fixed assets = (Beginning Assets + Ending Assets)/2
= (22,750,000+26,800,000)/2
= 24,775,000
Hence, fixed asset turnover = 34,076,753/24,775,000
= 1.375449
i.e. 1.38 times
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