Snap Dragon Photo reported the following figures on its December 31, 2016, income statement and balance sheet Compute the asset turnover ratio for 2016 $440,000 Dec 31, 2016 26,000 56,000 79,000 8,000 180,000 Net sales Cash Accounts Receivable Merchandise Inventory Prepaid Expenses Property, plant,...

Dec 31 2016 Dec 31 2015 Cash 26000 28000 Accounts Receivable 5600 ...

Snap Dragon Photo reported the following figures on its December 31, 2016, income statement and balance sheet:

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Snap Dragon Photo reported the following figures on its December 31, 2016, income statement and balance sheet:

Compute the asset turnover ratio for 2016.

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.

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Horngrens Financial and Managerial Accounting

ISBN: 978-0133866292

5th edition

Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura

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Question Posted: Jun 15, 2015 06:20 AM

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Snap Dragon Photo reported the following figures on its December 31, 2016, income statement and balance sheet:

Question:

$440,000 Dec. 31, 2016 26,000 56,000 79,000 8,000 180,000 Net sales Cash Accounts Receivable Merchandise Inventory Prepaid Expenses Property, plant, and equipment, net Dec. 31, 2015 28,000 58,000 76,000 14,000 11,000

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Horngrens Financial and Managerial Accounting

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