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14-04-2020
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Independence Corporation reported beginning and ending total assets of $ 18 comma 000 and $ 28 comma 000, respectively. Its net sales for the year were $ 21 comma 850. What was Independence's asset turnover ratio?

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aquialaska aquialaska

18-04-2020

Answer:

0.95

Explanation:

Given that

Net sales = $21,850

Beginning assets = $18,000

Ending assets = $28,000

The computation of Independence's asset turnover ratio is shown below:-

Assets turnover ratio = Net sales ÷ Average total assets

= $21,850 ÷ (($18,000 + $28,000) ÷ 2))

= $21,850 ÷ ($46,000 ÷ 2)

= $21,850 ÷ $23,000

= 0.95

So, for computing the assets turnover ration we simply applied the above formula.

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