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Illusion [34]
3 years ago
5

Runyon Inc. reported the following results from last year’s operations: Sales $ 16,800,000 Variable expenses 12,230,000 Contribu

tion margin 4,570,000 Fixed expenses 3,394,000 Net operating income $ 1,176,000 The company’s average operating assets were $7,000,000. Last year's turnover was closest to: Multiple Choice 0.42 14.29 0.07 2.40
Business
1 answer:
Andre45 [30]3 years ago
4 0

Answer:

Turnover is equal to 2.40

Explanation:

Consider the following equation to calculate the turnover

Turnover = Sales /Average operating assets

= 16.800.000/7000000=

2.4

<em />

<em>Turnover is an accounting concept that calculates how quickly a business conducts its operations.</em>

 

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