Question: For 2024, Riverside Manufacturing reports beginning of the year total assets of $2,400,000, end of the year total assets of $2,800,000, net sales of $3,900,000, and net income of $425,000. Riverside's 2024 asset turnover ratio is: a. 1.35 times b. 1.50 times c. 1.63 times d. 1.75 times
Question: For 2024, Riverside Manufacturing reports beginning of the year total assets of $2,400,000, end of the year total assets of $2,800,000, net sales of $3,900,000, and net income of $425,000. Riverside's 2024 asset turnover ratio is: a. 1.35 times b. 1.50 times c. 1.63 times d. 1.75 times
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter7: Operating Assets
Section: Chapter Questions
Problem 24CE
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Transcribed Image Text:Question:
For 2024, Riverside Manufacturing reports beginning of the year total
assets of $2,400,000, end of the year total assets of $2,800,000, net
sales of $3,900,000, and net income of $425,000.
Riverside's 2024 asset turnover ratio is:
a. 1.35 times
b. 1.50 times
c. 1.63 times
d. 1.75 times
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