The following data came from the financial statements of the Cheviot Company:

-Refer to Exhibit 14-4. Compute the asset turnover (round to two decimal places).

Question

The following data came from the financial statements of the Cheviot Company:
 
-Refer to Exhibit 14-4. Compute the asset turnover (round to two decimal places).

Quizplus · Accepted Answer

Asset turnover is calculated by dividing sales by average total assets. The correct choice is based on the given data in Exhibit 14-4, which results in an asset turnover of 1.50 when rounded to two decimal places.

The Following Data Came from the Financial Statements of the Cheviot