Murphy Company’s total liabilities on December 31, 2014, amounted to $1,500,000. The debtto- equity ratio on this date was 1.5 to 1. Net income for 2014 was $250,000, and the profit margin was 5%.

Required
1. Determine Murphy’s net sales for 2014.
2. Determine Murphy’s total assets on December 31, 2014.
3. Determine Murphy’s asset turnover ratio for 2014, using year-end total assets, rather than average total assets.