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"ABC" Company sales last year were $244,000, and its year-end total assets were $620,000. The...

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"ABC" Company sales last year were $244,000, and its year-end total assets were $620,000. The average firm in the industry has a total assets turnover ratio of 7. "ABC" Company's new CFO believes the firm has excess assets that can be sold so as to bring the down total assets turnover ratio to the industry average without affecting sales. By how much must the assets be reduced to bring the total assets turnover ratio to the industry average, holding sales constant? on 1/6/2015 Equipment was purchased for $66,000. Freight charges amounted to $27,000 and there was a cost of $6,000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $12,000 salvage value. Determine the book value of the equipment at the end of year 5 if the company is using the MACRS depreciation method, assuming it will be depreciated using a 10- year normal recovery period

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