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30 August, 10:52

During 2020, Whispering Winds Corp. reported net sales of $4,502,400 and net income of $1,510,000. Its balance sheet reported average total assets of $1,680,000. Calculate the asset turnover. (Round answer to 2 decimal places, e. g. 1.25.)

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  1. 30 August, 11:05
    0
    2.68

    Explanation:

    Data provided in the question:

    Reported net sales = $4,502,400

    Reported net income = $1,510,000

    Reported average total assets = $1,680,000

    Now,

    The the asset turnover is calculated using the formula as

    Asset turnover = (Net sales) : (Average total assets)

    or

    Asset turnover = $4,502,400 : $1,680,000

    or

    Asset turnover = 2.68 times
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