Mechforce Manufacturing's net income was $420,000 on sales of $14 million.Average assets for the year were $10 million.Turnover for the year was:
A)1.4
B)1.8
C)3.0%
D)4.2%

Name: Mechforce Manufacturing's net income was $420,000 on sales of $14 million.Average assets for the year were $10 million.Turnover for the year was: A)1.4 B)1.8 C)3.0% D)4.2%
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Question

Quizplus · Accepted Answer

Turnover is calculated as Sales divided by Average Assets. Here, $14 million in sales divided by $10 million in average assets equals a turnover of 1.4.

Mechforce Manufacturing's Net Income Was $420,000 on Sales of $14