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USPshnik [31]
2 years ago
14

Campbell Co. has net sales revenue of $1,340,000, cost of goods sold of $760,900, and all other expenses of $299,000. The beginn

ing balance of stockholders' equity is $409,000 and the beginning balance of fixed assets is $370,000. The ending balance of stockholders' equity is $609,000 and the ending balance of fixed assets is $398,000. The fixed asset turnover ratio is closest to:
Business
1 answer:
Softa [21]2 years ago
5 0

Answer:

3.50

Explanation:

Given the information above, we need to find first the Average fixed assets.

Average fixed assets = Fixed assets beginning balance + Fixed assets ending balance / 2

= ($370,000 + $398,000) / 2

= $384,000

Then , the fixed assets turnover will be calculated as;

Fixed assets turnover = Net revenue / Average net fixed assets

= $1,340,000 / $384,000

= 3.50

Therefore, Campbell Co. Fixed asset turnover ratio would be 3.50

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Answer:

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