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Net sales are $3495000, beginning total assets are $1412000, and the asset turnover is 3 times. what is the ending total asset balance?

Respuesta :

Net sales = $3495000
beginning total assets = $1412000
asset turnover = 3 times.
ending total asset balance = ? = X
Asset Turnover Ratio = Net Sales / Avg Total Assets

3 = $3495000 /(($1412000 + X) / 2)
3 = ($3495000 x 2) / $1412000 + X
3 ($1412000 + X) = $6990000
4236000 + 3X = $6990000
3X = $6990000 - 4236000
3X = $2754000
X = $2754000/3
X = $918000

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