Analysis of Operating Assets At December 31, 2010, a company has the following amounts on its fi nancial statements:

Property, plant, and equipment $10,000 Accumulated depreciation 5,000 Total assets at January 1, 2010 30,000 Total assets at December 31, 2010 40,000 Net sales 62,000 Depreciation expense 1,000 Calculate the following ratios:

Average life of the assets Average age of the assets Asset turnover AppendixLO1