Homework Answers
Average Assets = (Beginning Assets + Ending Assets)/2
= (1,880,000+2,243,000)/2
= $2,061,500
Asset Turnover = Net Sales/Average Assets
= 2135000/2061500
= 1.0357 times
i.e. 1.04 times
Return on Assets = Net Income/Average Assets
= 123000/2061500
= 5.97%
i.e. 6.0%
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