Hy expert please given answer accounting question The following information is available for our company for thecurrent year:Operating income$75,000Average total assets$500,000Net sales$750,000Required rate of return 12%Calculate the asset turnover.a. 1.25 timesb. 1.50 timesc. 6.67 timesd. 8.75 times

Step 1: Definition of Asset TurnoverAsset turnover measures a company's efficiency in utilizing its…

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EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter3: Evaluation Of Financial Performance

Section: Chapter Questions

Problem 19P

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The following information is available for our company for the current year: Operating income $75,000 Average total assets $500,000 Net sales $750,000 Required rate of return 12% Calculate the asset turnover. a. 1.25 times b. 1.50 times c. 6.67 times d. 8.75 times