Photo ProPhoto reported the following figures on its December 31,2024,income statement and balance sheet:LOADING...(Clickthe icon to view the figures.) Compute the asset turnover ratio for2024.Round to two decimal places. Net sales$545,000 Dec. 31, 2024Dec. 31, 2023Cash$22,000$28,000Accounts Receivable57,00056,000Merchandise Inventory76,00075,000Prepaid Expenses6,00011,000Property, Plant, and Equipment, net180,00020,000

Formula: Average total Assets = ( Current year total assets value + previous year total assets value…

Answered: Photo Pro Photo reported the following…

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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Photo Pro

Photo reported the following figures on its December 31,

2024,

income statement and balance sheet:

(Click

the icon to view the figures.)

Compute the asset turnover ratio for

2024.

Round to two decimal places.

Net sales	$545,000
	Dec. 31, 2024	Dec. 31, 2023
Cash	$22,000	$28,000
Accounts Receivable	57,000	56,000
Merchandise Inventory	76,000	75,000
Prepaid Expenses	6,000	11,000
Property, Plant, and Equipment, net	180,000	20,000

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