Morgan's company had sales totaling $56,700 for this quarter. The sales returns totaled $4,800. Average total assets for the company amounted to $109,000. Morgan's company also spent a total of $5,300 on patents for the quarter. What is the asset turnover for this quarter? .48 0 .52 0 .55 O O O

Morgan's company had sales totaling $56,700 for this quarter. The sales returns totaled $4,800. Average total assets for the company amounted to $109,000. Morgan's company also spent a total of $5,300 on patents for the quarter. What is the asset turnover for this quarter? .48 0 .52 0 .55 O O O

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter12: Balanced Scorecard And Other Performance Measures

Section: Chapter Questions

Problem 6EA: During the current year, Sokowski Manufacturing earned income of $350,000 from total sales of...

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Question

100%

Morgan's company had sales totaling $56,700 for this quarter. The sales returns totaled $4,800. Average total assets for the company
amounted to $109,000. Morgan's company also spent a total of $5,300 on patents for the quarter. What is the asset turnover for this
quarter?
0 .48
.52
.55
0 .50

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