At the beginning of the year, Greenfield Industries' balance sheet showed total assets of $25,000,000, and at the end of the year, total assets had grown to $28,000,000. Greenfield had a net income of $3,000,000 based on sales of $50,000,000. What was the total asset turnover for Greenfield? Round to two decimal places.

At the beginning of the year, Greenfield Industries' balance sheet showed total assets of $25,000,000, and at the end of the year, total assets had grown to $28,000,000. Greenfield had a net income of $3,000,000 based on sales of $50,000,000. What was the total asset turnover for Greenfield? Round to two decimal places.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...

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