Maple Company had net sales of $202,550 for the year ended December 31,2017.Its beginning and ending total assets were $85,200 and $115,500,respectively.Determine Maple's asset turnover ratio for the year ended December 31,2017.(Round your answer to two decimal places.)

Question

Quizplus · Accepted Answer

Asset turnover ratio = Net sales / Average total assets
Asset turnover ratio = $202,550 / [($85,200 + $115,500) / 2] = 2.02 times (rounded)

Maple Company Had Net Sales of $202,550 for the Year