Maple Corp.had net sales of $217,550 for the year ended December 31,2017.Its beginning and ending total assets were $94,200 and $113,500,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

D)Asset turnover ratio = Net sales / Average total assets
Asset turnover ratio = $217,550 / [($94,200 + $113,500)/ 2] = 2.09 times (rounded)