In its annual report, Phono Corporation reported beginning total assets of $360,000, ending total assets of $406,000,
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Calculate Phono's fixed asset turnover ratio for the year and its average useful life and age of fixed assets at year-end.
Asset Turnover
Asset turnover is sales divided by total assets. Important for comparison over time and to other companies of the same industry. This is a standard business ratio. Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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