What was independence's asset turnover ratio on these general accounting question? Independence Company reported beginning and ending total assets of$34,000 and $20,000, respectively. Its net sales for the year were $14,850.What was Independence's asset turnover ratio?A. 0.44B. 0.55C. 0.74D. 1.82

Step 1: Define Asset Turnover RatioThe asset turnover ratio is part of the efficiency ratios…

Answered: Independence Company reported beginning…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

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ISBN:9781337514835

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Chapter3: Evaluation Of Financial Performance

Section: Chapter Questions

Problem 19P

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Bountiful Company had sales of $650,000 and cost of goods sold of $200,000 during a year. The total assets balance at the beginning of the year was $175,000 and at the end of the year was $167,000. Calculate the asset turnover ratio. a.0.26 b.3.00 c.3.80 d.0.29
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A company reports the following: Sales $8,296,860 Average total assets (excluding long-term investments) 1,063,700 Determine the asset turnover ratio. Round your answer to one decimal place.fill in the blank 1
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Dundee Company reported the following for the current year: Net sales Cost of goods sold Beginning balance of total assets. Ending balance of total assets Compute total asset turnover. Numerator. 1 1 $ 100,800 72,000 127,000 97,880 Total Asset Turnover Denominator: = = = Total Asset Turnover Total asset turnover times
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Independence Company reported beginning and ending total assets of $34,000 and $20,000, respectively. Its net sales for the year were $14,850. What was Independence's asset turnover ratio? A. 0.44 B. 0.55 C. 0.74 D. 1.82