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Smithson Corporation reported the following data: Sales Net Income Assets at year end 2020 2021 $3,500,000 $4,000,000 $500,000 $600,000 $3,000,000 $3,200,000|| Liabilities at year end $1,400,000 $1,800,000 What is Smithson's asset turnover for 2021? a. 1.18 b. 1.15 C. 1.29 d. 1.11

Smithson Corporation reported the following data: Sales Net Income Assets at year end 2020 2021 $3,500,000 $4,000,000 $500,000 $600,000 $3,000,000 $3,200,000|| Liabilities at year end $1,400,000 $1,800,000 What is Smithson's asset turnover for 2021? a. 1.18 b. 1.15 C. 1.29 d. 1.11

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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Smithson Corporation reported the following data: Sales Net Income Assets at year end 2020 2021 $3,500,000 $4,000,000 $500,000 $600,000 $3,000,000 $3,200,000|| Liabilities at year end $1,400,000 $1,800,000 What is Smithson's asset turnover for 2021? a. 1.18 b. 1.15 C. 1.29 d. 1.11
Transcribed Image Text:Smithson Corporation reported the following data: Sales Net Income Assets at year end 2020 2021 $3,500,000 $4,000,000 $500,000 $600,000 $3,000,000 $3,200,000|| Liabilities at year end $1,400,000 $1,800,000 What is Smithson's asset turnover for 2021? a. 1.18 b. 1.15 C. 1.29 d. 1.11
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