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Social ScienceDuring 2020, Metlock, Inc. reported net sales of $2,850,900 and net income of $1,550,000. Its balance sheet reported average total assets of $1,290,000.Calculate the asset turnover. (Round answer to 2 decimal places, e.g. 1.25.)
During 2020, Metlock, Inc. reported net sales of $2,850,900 and net income of $1,550,000. Its balance sheet reported average total assets of $1,290,000.
Calculate the asset turnover. (Round answer to 2 decimal places, e.g. 1.25.)
Expert Answer
Asset turnover ratio calculates how much the company was able to generate revenue using it's assets. Hence, the formula of Asset turnover ratio = Net Sales/Average Assets, where average assets = Beginning Assets+ Ending Assets/2
We can calculate the asset turnover ratio by dividing Net Sales by average total ass...
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Metlock Inc. 2020 Net Sales Average Total Assets 2,850,900 1,290,000 Asset Turnover Ratio 2.21
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