During 2022, Concord Corporation reported net sales of $4,674,600 and net income of $1,400,000. Its balance sheet reported average total assets of $1,260,000. Calculate the asset turnover. (Round answer to 2 decimal places, e.g. 1.25.)
During 2022, Concord Corporation reported net sales of $4,674,600 and net income of $1,400,000. Its balance sheet reported average total assets of $1,260,000. Calculate the asset turnover. (Round answer to 2 decimal places, e.g. 1.25.)
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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![During 2022, Concord Corporation reported
net sales of $4,674,600 and net income of
$1,400,000. Its balance sheet reported
average total assets of $1,260,000.
Calculate the asset turnover. (Round answer to
2 decimal places, e.g. 1.25.)
Asset turnover](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4003589d-8728-42b1-95c2-b5ee5a84f61d%2F34237c66-2302-4a0a-91c9-5d601c5a9cf8%2Fn6ghxms_processed.jpeg&w=3840&q=75)
Transcribed Image Text:During 2022, Concord Corporation reported
net sales of $4,674,600 and net income of
$1,400,000. Its balance sheet reported
average total assets of $1,260,000.
Calculate the asset turnover. (Round answer to
2 decimal places, e.g. 1.25.)
Asset turnover
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