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Nina [5.8K]
3 years ago
14

Refer to the financial statements of Burnaby Mountain Trading Company. The firm's asset turnover ratio for 2017 is _________. (P

lease keep in mind that when a ratio involves both income statement and balance sheet numbers, the balance sheet numbers for the beginning and end of the year must be averaged.)
Business
1 answer:
Aleonysh [2.5K]3 years ago
7 0

Answer:

1.69

Explanation:

asset turnover ratio = net sales / average assets

I looked up the missing information and found the following:

total assets year 1 = $4,000,000

total assets year 2 = $4,300,000

net sales year 2 = $7,000,000

average assets = ($4,000,000 + $4,300,000) / 2 = $4,150,000

asset turnover ratio = $7,000,000 / $4,150,000 = 1.6867 = 1.69

The higher the asset turnover ratio, the more efficient a company is. Therefore, a higher asset turnover ratio is always better although there is no fixed parameter.

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