Bradford Company had sales of $700,000 for a year. The total assets at the beginning of the year were $240,000, and the total assets at the end of the year were $280,000. The asset turnover ratio is (round answer to 2 decimal places)

Question

Quizplus · Accepted Answer

Average total assets = (Beginning total assets + Ending total assets) / 2 = ($240,000 + $280,000) / 2 = $260,000
Asset turnover ratio = Sales / Average total assets = $700,000 / $260,000 = 2.69?

Bradford Company Had Sales of $700,000 for a Year