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A company had the same amount of assets at the end of 2014 and 2015, $300,000. In 2015, net income was $40,000 and sales revenue was $390,000. At the end of 2015, total liabilities are $120,000. What is the asset turnover ratio for 2015? a. 1.30 b. 0.77 c. 9.75 d. 0.13

A company had the same amount of assets at the end of 2014 and 2015, $300,000. In 2015, net income was $40,000 and sales revenue was $390,000. At the end of 2015, total liabilities are $120,000. What is the asset turnover ratio for 2015? a. 1.30 b. 0.77 c. 9.75 d. 0.13

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A company had the same amount of assets at the end of 2014 and 2015, $300,000. In 2015, net income was $40,000 and sales revenue was $390,000. At the end of 2015, total liabilities are $120,000. What is the asset turnover ratio for 2015? a. 1.30 b. 0.77 c. 9.75 d. 0.13
Transcribed Image Text:A company had the same amount of assets at the end of 2014 and 2015, $300,000. In 2015, net income was $40,000 and sales revenue was $390,000. At the end of 2015, total liabilities are $120,000. What is the asset turnover ratio for 2015? a. 1.30 b. 0.77 c. 9.75 d. 0.13
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