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For 2023, Pacific Manufacturing reported beginning total assets of $720,000 and ending total assets of $800,000. Its net income for this period was $95,000, and its net sales were $1,140,000. Compute the company's asset turnover for 2023.

For 2023, Pacific Manufacturing reported beginning total assets of $720,000 and ending total assets of $800,000. Its net income for this period was $95,000, and its net sales were $1,140,000. Compute the company's asset turnover for 2023.

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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General accounting

For 2023, Pacific Manufacturing reported beginning total assets of $720,000 and ending total assets of $800,000. Its net income for this period was $95,000, and its net sales were $1,140,000. Compute the company's asset turnover for 2023.
Transcribed Image Text:For 2023, Pacific Manufacturing reported beginning total assets of $720,000 and ending total assets of $800,000. Its net income for this period was $95,000, and its net sales were $1,140,000. Compute the company's asset turnover for 2023.
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