Net sales are $3495000, beginning total assets are $1412000, and the asset turnover is 3 times. what is the ending total asset balance?

Net sales = $3495000

beginning total assets = $1412000

asset turnover = 3 times.

ending total asset balance = ? = X

Asset Turnover Ratio = Net Sales / Avg Total Assets

3 = $3495000 / (($1412000 + X) / 2)

3 = ($3495000 x 2) / $1412000 + X

3 ($1412000 + X) = $6990000

4236000 + 3X = $6990000

3X = $6990000 - 4236000

3X = $2754000

X = $2754000/3

X = $918000