Lake Coffee Company reported net sales of $180,000, net income of $54,000, beginning total assets of $200,000,

Question:

Lake Coffee Company reported net sales of $180,000, net income of $54,000, beginning total assets of

$200,000, and ending total assets of $300,000. What was the company’s asset turnover ratio?

(a) 0.90

(c) 0.72

(b) 0.20

(d) 1.39

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