QUESTION 19 During 2017, Sanchez Corp. had net sales of $16,400,000. The beginning total assets were...

Question

Question

Answer 1

Answer #1

Option (b) is correct

Assets turnover ratio = Net Sales / Average total assets

where, Average total assets = Beginning assets + Ending assets / 2

Given: Net sales = $16400000, Assets turnover ratio = 1.7

Now, putting these values in the above formula, we get,

1.7 = $16400000 / Average total assets

Average total assets = $16400000 / 1.7 = $9647058.82

Now, we will calculate the ending assets as per below:

Average total assets = Beginning assets + Ending assets / 2

$9647058.82 = $8900000 + Ending assets / 2

$8900000 + Ending assets = 2 * $9647058.82

$8900000 + Ending assets = $19294117.647

Ending assets = $19294117.647 - $8900000

Ending assets = $10394118

Answer 2

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