Calculate asset turnover. (Round
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Net sales
Cost of goods sold
Interest expense
Net income
Total assets (ending)
Total common stockholders' equity (ending)
(a)
$1,725,000
750,000
10,200
Asset turnover
244,950
900,000
Total assets at the beginning of the year were $825,000; total common stockholders' equity was $545,000 at the beginning of the
period.
610,000
Calculate asset turnover. (Round answer to 2 decimal places, e.g. 15.21%)
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