Apex Company began the year with total assets of $5,000,000 and ended with total assets of $7,000,000. If the company had sales of $18,000,000 and a net income of $1,500,000, what was Apex's total asset turnover ratio? Round to two decimal places. A. 3.00 B. 2.57 C. 3.60 D. 2.25

Apex Company began the year with total assets of $5,000,000 and ended with total assets of $7,000,000. If the company had sales of $18,000,000 and a net income of $1,500,000, what was Apex's total asset turnover ratio? Round to two decimal places. A. 3.00 B. 2.57 C. 3.60 D. 2.25

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 51E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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Question

General accounting question

Apex Company began the year with total assets of $5,000,000 and
ended with total assets of $7,000,000. If the company had sales of
$18,000,000 and a net income of $1,500,000, what was Apex's total
asset turnover ratio? Round to two decimal places.
A. 3.00
B. 2.57
C. 3.60
D. 2.25

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