Corporation reported beginning and ending total assets of $ 25 comma 000 and $ 22 comma...

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Corporation reported beginning and ending total assets of $ 25 comma 000 and $ 22 comma...

Corporation reported beginning and ending total assets of $ 25 comma 000 and $ 22 comma 000, respectively. Its net sales for the year were $ 18 comma 800. What was Liberty's asset turnover ratio?

business accounting

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Answer 1

Answer #1

Asset turnover ratio = Net sales / Average total assets

Asset turnover ratio = $18,800 / [($25,000 + $22,000) / 2]

Asset turnover ratio = 0.8

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Answer 2

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Corporation reported beginning and ending total assets of $ 25 comma 000 and $ 22 comma...