Ally's Company reported the following data: 2018 2019 Sales $3,000,000 $4,800,000 Net Income $300,000 $400,000 Assets...
Ally's Company reported the following data:
| 2018 | 2019 | |
| Sales | $3,000,000 | $4,800,000 |
| Net Income | $300,000 | $400,000 |
| Assets at year end | $1,800,000 | $2,500,000 |
| Liabilities at year end | $1,200,000 | $1,700,000 |
What is Ally’s asset turnover for 2019?
1.97
1.92
2.23
2.67
Homework Answers
answer: 2.23
Explanation:-
Asset Turnover ratio = Net sales/Average total assets
= 4800000/{(1800000+2500000)/2}
= 4800000/{4300000/2}
= 4800000/2150000
= 2.23
Therefore, Ally’s asset turnover for 2019 = 2.23
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Ally's Company reported the following data:
2018
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Net Income
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