Maxim Company reported beginning and ending total assets of $140,000 and $160,000, respectively. Its net sales for the year was $240,000. What was Maxim's asset turnover ratio? Begin by selecting the formula to calculate the company's asset turnover ratio. Then enter the amounts and calculate the ratio. (Round the asset turnover ratio to two decimal places, X.XX.)
Maxim Company reported beginning and ending total assets of $140,000 and $160,000, respectively. Its net sales for the year was $240,000. What was Maxim's asset turnover ratio? Begin by selecting the formula to calculate the company's asset turnover ratio. Then enter the amounts and calculate the ratio. (Round the asset turnover ratio to two decimal places, X.XX.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Maxim
Company reported beginning and ending total assets of
$140,000
and
$160,000,
respectively. Its net sales for the year was
$240,000.
What was
Maxim's
asset turnover ratio?Begin by selecting the formula to calculate the company's asset turnover ratio. Then enter the amounts and calculate the ratio. (Round the asset turnover ratio to two decimal places, X.XX.)
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