iPad 10:05 PM edugenwileyplus.com WileyPLUSs WileyPLUS Weygandt, Financial Accou

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iPad 10:05 PM edugenwileyplus.com WileyPLUSs WileyPLUS Weygandt, Financial Accounting, 10e PRINCIPLES OF ACCOUNTING (ACCT 2101) Home Read, Study & Practice BACK During 2019, Paola Corporation reported net sales of $3,500,000 and net income of $1,500,000. Its balance sheet reported average total assets of $1,400,000 Calculate the asset turnover (Round answer to 2 decimal places, e.g. 1.25) Driet Exercise 9-1 Review Score Review Results by Study Objectiwe Question Attempts: 0 of 5 used SAVE FOR LATER

Explanation / Answer

Asset turnover ratio = Net sales / average total assets

= $3500000 / $1400000

= 2.5 times.

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