CrossSport had average total assets of $697,000. Its gross sales were $3,090,000 and its net sales were $2,000,000. CrossSport's total asset turnover was:
A) 2.87.
B) .64.
C) .34.
D) 1.2.
E) .82.

Name: CrossSport had average total assets of $697,000. Its gross sales were $3,090,000 and its net sales were $2,000,000. CrossSport's total asset turnover was: A) 2.87. B) .64. C) .34. D) 1.2. E) .82.
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Question

Quizplus · Accepted Answer

Total asset turnover = Net sales / Average total assets = $2,000,000 / $697,000 = 2.87

CrossSport Had Average Total Assets of $697,000