Rondeys assets turnover ratio for 2016 ? At January 1, 2016, Rodney Company had total assets of$1,800,000 and at December 31, 2016, its total assets were$2,200,000. Rodney's net sales for 2016 were $3,700,000 andits 2016 net income was $110,000. Rodney's asset turnoverratio for 2016 is:a. 0.055b. 0.050c. 0.065d. 1.850

Explanation: The formula to calculate the asset turnover ratio is as follows:Asset turnover ratio =…

Answered: At January 1, 2016, Rodney Company had…

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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At January 1, 2016, Rodney Company had total assets of $1,800,000 and at December 31, 2016, its total assets were $2,200,000. Rodney's net sales for 2016 were $3,700,000 and its 2016 net income was $110,000. Rodney's asset turnover ratio for 2016 is: a. 0.055 b. 0.050 c. 0.065 d. 1.850