General accounting Collins Corporation had sales of $100,000, year-end receivables of$12,000, inventories of $21,500, and total assets of $75,000. It usesa 365-day year for ratio calculations. What was Collins' total assetsturnover ratio?a. 1.95.b. 1.61.c. 1.33.d. 1.46.e. 1.77.

Step 1: Definition of Asset Turnover ratio:Every company earns revenues by utilizing the resources…

Answered: Collins Corporation had sales of…

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 6MCQ

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What was Collins' total assets turnover ratio?
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Collins Corporation had sales of $100,000, year-end receivables of $12,000, inventories of $21,500, and total assets of $75,000. It uses a 365-day year for ratio calculations. What was Collins' total assets turnover ratio? a. 1.95. b. 1.61. c. 1.33. d. 1.46. e. 1.77.