Excerpts from Smith Company's December 31, 20x2 and 20x1, financial statements are presented below:20x220x1Accounts receivable$ 51,000Merchandise inventory$ 70,00043,000375,10065,000Net sales360,000Cost of goods sold144,000123,000Total assets455,000420,000Total shareholders' equity 270,000240,000Net income55,00043,000What is Smith's asset turnover for 20x2? (Round your answer to 2 decimal places.)Multiple ChoiceOOC0.86.3.16.3.32.2.15.

The ratio analysis helps to analyze the financial statements of the business. The assets turnover is…

Excerpts from Smith Company's December 31, 20x2 and 20x1, financial statements are presented below: 20x2 20x1 $ 70,000 $ 51,000 43,000 65,000 375,100 360,000 144,000 123,000 455,000 420,000 240,000 Total shareholders' equity 270,000 Net income 55,000 43,000 Accounts receivable Merchandise inventory Net sales Cost of goods sold Total assets What is Smith's asset turnover for 20x2? (Round your answer to 2 decimal places.) Multiple Choice 0.86. 3.16. 3.32.

Excerpts from Smith Company's December 31, 20x2 and 20x1, financial statements are presented below: 20x2 20x1 $ 70,000 $ 51,000 43,000 65,000 375,100 360,000 144,000 123,000 455,000 420,000 240,000 Total shareholders' equity 270,000 Net income 55,000 43,000 Accounts receivable Merchandise inventory Net sales Cost of goods sold Total assets What is Smith's asset turnover for 20x2? (Round your answer to 2 decimal places.) Multiple Choice 0.86. 3.16. 3.32.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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