Horngren's Accounting, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (12th Edition)
12th Edition
ISBN: 9780134642932
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 10, Problem E10.27E
Computing asset turnover ratio
Learning Objective 6
Blackerby Photo reported the following figures on its December 31, 2018, income statement and balance sheet:
| Net sales revenue | $441,000 | |
| Dec. 31, 2018 | Dec. 31, 2017 | |
| Cash | $ 31,000 | $ 30,000 |
| 68,000 | 65,000 | |
| Merchandise Inventory | 80,000 | 79,000 |
| Prepaid Expenses | 16,000 | 5,000 |
| Property, plant, and equipment, net | 175,000 | 18,000 |
Compute the asset turnover ratio for 2018. Round to two decimal places.
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Chapter 10 Solutions
Horngren's Accounting, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (12th Edition)
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