Question

Carducci corporation reported net sales of $3.6 million, average total assets of $1.1 million, and net income of $847,000. The total asset turnover is?

Answer 1

CALCULATE TOTAL ASSETS TURNOVER :

TOTAL ASSETS TURNOVER = NET SALES/AVERAGE TOTAL ASSETS

                                            = 3.6/1.1

TOTAL ASSETS TURNOVER = 3.27 TIMES

In financial accounting, an asset is a resource owned or controlled by a company or entity. It is anything that can be used to create positive economic value. Assets represent the value of an asset that can be converted into cash.

An asset is a resource of economic value owned or controlled by an individual, business, or state with the expectation of providing future benefits. Assets are reported on the company's balance sheet. They are classified as short-term, fixed, financial, and intangible.

Despite all this, a car is an asset even for less than what you paid for it because it can be quickly turned into cash on the market. That alone, by definition, makes it an asset. It's these additional costs and constant depreciation that make a car worthless.

Learn more about ASSETS here

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