In 2023, Luna Co. reported sales revenue of $500,000 and net income of $45,000. • On January 1, 2023, total assets were $300,000 On December 31, 2023, total assets were $340,000 What is the asset turnover ratio for 2023?
In 2023, Luna Co. reported sales revenue of $500,000 and net income of $45,000. • On January 1, 2023, total assets were $300,000 On December 31, 2023, total assets were $340,000 What is the asset turnover ratio for 2023?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter12: Intangibles
Section: Chapter Questions
Problem 10MC
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Question
asset turnover ratio for 2023?
Transcribed Image Text:In 2023, Luna Co. reported sales revenue of
$500,000 and net income of $45,000.
•
On January 1, 2023, total assets were
$300,000
On December 31, 2023, total assets were
$340,000
What is the asset turnover ratio for 2023?
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