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const2013 [10]
3 years ago
12

"Maple Corp. had net sales of​ $217,550 for the year ended December​ 31, 2017. Its beginning and ending total assets were​ $94,2

00 and​ $113,500, respectively. Determine​ Maple's asset turnover ratio for the year ended December​ 31, 2017.​ (Round your answer to two decimal​ places.)"
Business
1 answer:
BaLLatris [955]3 years ago
7 0

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

<u>Workings</u>

Net sales = $217550

Opening total asset = $94200

Closing Total assets = $ 113500

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

=2.09

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