I want to correct answer general accounting Miles Co. earned $250,000 net income last year and its net saleswere $4,900,000. Beginning were $12,250,000 and ending totalassets $15,750,000. What is the asset turnover?A) 0.40 times.B) 1.8 times.C) 0.35 timesD) 0.31 times.

Step 1: Define Asset TurnoverAsset turnover is calculated to determine if the company is efficiently…

Answered: Miles Co. earned $250,000 net income…

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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Miles Co. earned $250,000 net income last year and its net sales were $4,900,000. Beginning were $12,250,000 and ending total assets $15,750,000. What is the asset turnover? A) 0.40 times. B) 1.8 times. C) 0.35 times D) 0.31 times.