Mark7199 Mark7199

14-04-2020
Business

contestada

"Maple Corp. had net sales of $217,550 for the year ended December 31, 2017. Its beginning and ending total assets were $94,200 and $113,500, respectively. Determine Maple's asset turnover ratio for the year ended December 31, 2017. (Round your answer to two decimal places.)"

Respuesta :

ayoogunyemi ayoogunyemi

19-04-2020

Answer:

2.09

Explanation:

Asset ratio is a business tool used to measure the efficiency of assets towards sales generation by comparing net sales to average total assets.

It is calculated by dividing the net sales by average total assets.

The average total assets is used in order to make allowance for fluctuation in the course of business year

Workings

Net sales = $217550

Opening total asset = $94200

Closing Total assets = $ 113500

Asset ratio turnover = 217550/(94200+113500)/2

=2.09

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