During 2022, Phelps Corporation reported net sales of $2,500,000, net income of $1,320,000, and depreciation expense of $80,000.Phelps also reported beginning total assets of $1,000,000, ending total assets of $1,500,000, plant assets of $800,000, and accumulated depreciation of $500,000.Phelps's asset turnover is
A)1.3 times.
B)1.1 times.
C)1.7 times.
D)2.0 times.

Question

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The Answer of During 2022, Phelps Corporation reported net sales of $2,500,000, net income of $1,320,000, and depreciation expense of $80,000.Phelps also reported beginning total assets of $1,000,000, ending total assets of $1,500,000, plant assets of $800,000, and accumulated depreciation of $500,000.Phelps's asset turnover is
A)1.3 times.
B)1.1 times.
C)1.7 times.
D)2.0 times.

During 2022, Phelps Corporation Reported Net Sales of $2,500,000, Net