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Missoula Inc. reported the following selected financial statement data:  Dec 31, 2020      Dec 31, 2021 Cash   $   38,000         $   44,000      Accounts receivable (net)      56,000            68,000      Inventory      76,000            80,000      Plant assets (net)      218,000            234,000      Total assets      429,000            411,000      Liabilities      153,000            153,000      Shareholders' equity      276,000            258,000      Net sales      348,000            848,000      Cost of goods sold      228,000            312,000      Net income      28,000            41,000      Required: Compute the asset turnover ratio for 2021.

Missoula Inc. reported the following selected financial statement data:  Dec 31, 2020      Dec 31, 2021 Cash   $   38,000         $   44,000      Accounts receivable (net)      56,000            68,000      Inventory      76,000            80,000      Plant assets (net)      218,000            234,000      Total assets      429,000            411,000      Liabilities      153,000            153,000      Shareholders' equity      276,000            258,000      Net sales      348,000            848,000      Cost of goods sold      228,000            312,000      Net income      28,000            41,000      Required: Compute the asset turnover ratio for 2021.

FINANCIAL ACCOUNTING
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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Missoula Inc. reported the following selected financial statement data:

 Dec 31, 2020      Dec 31, 2021
Cash   $   38,000         $   44,000     
Accounts receivable (net)      56,000            68,000     
Inventory      76,000            80,000     
Plant assets (net)      218,000            234,000     
Total assets      429,000            411,000     
Liabilities      153,000            153,000     
Shareholders' equity      276,000            258,000     
Net sales      348,000            848,000     
Cost of goods sold      228,000            312,000     
Net income      28,000            41,000     

Required:
Compute the asset turnover ratio for 2021.

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