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During 2020, Nexus Technologies reported net sales of $4,500,000, net income of $1,800,000, and depreciation expense of $120,000. Nexus also reported beginning total assets of $1,200,000, ending total assets of $1,800,000, plant assets of $1,000,000, and accumulated depreciation of $600,000. Nexus's asset turnover is: A) 3.0 times B) 2.8 times C) 2.5 times D) 2.0 times

During 2020, Nexus Technologies reported net sales of $4,500,000, net income of $1,800,000, and depreciation expense of $120,000. Nexus also reported beginning total assets of $1,200,000, ending total assets of $1,800,000, plant assets of $1,000,000, and accumulated depreciation of $600,000. Nexus's asset turnover is: A) 3.0 times B) 2.8 times C) 2.5 times D) 2.0 times

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter7: Operating Assets
Section: Chapter Questions
Problem 24CE
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Please provide the correct solution to this financial accounting question using valid principles.

During 2020, Nexus Technologies reported net sales of $4,500,000, net income of $1,800,000, and depreciation expense of $120,000. Nexus also reported beginning total assets of $1,200,000, ending total assets of $1,800,000, plant assets of $1,000,000, and accumulated depreciation of $600,000. Nexus's asset turnover is: A) 3.0 times B) 2.8 times C) 2.5 times D) 2.0 times
Transcribed Image Text:During 2020, Nexus Technologies reported net sales of $4,500,000, net income of $1,800,000, and depreciation expense of $120,000. Nexus also reported beginning total assets of $1,200,000, ending total assets of $1,800,000, plant assets of $1,000,000, and accumulated depreciation of $600,000. Nexus's asset turnover is: A) 3.0 times B) 2.8 times C) 2.5 times D) 2.0 times
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