Step by step answer New Corporation reported net sales of$4,500,000 for the year. The company'sbeginning total assets were $1,900,000, andits asset turnover ratio was 3.0 times. Basedon this information, what is the ending totalasset balance?

the ending total asset balance is $1,100,000.Explanation of Net Sales: Net sales represents the…

Answered: New Corporation reported net sales of…

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 6MCQ

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New Corporation reported net sales of $4,500,000 for the year. The company's beginning total assets were $1,900,000, and its asset turnover ratio was 3.0 times. Based on this information, what is the ending total asset balance?