138. Beckman Enterprises purchased a depreciable asset on October 1, Year 1 at a cost of $156,000. The asset is expected to have a salvage value of $16,400 at the end of its five-year useful life. If the asset is depreciated on the double-declining-balance method, the asset's book value on December 31, Year 2 will be:

142.

A total asset turnover ratio of 3.6 indicates that:

Multiple Choice

A. For every $1 in assets, the firm paid $3.6 in expenses during the period.

B. For every $1 in sales, the firm acquired $3.6 in assets during the period.

C. For every $1 in assets, the firm produced $3.6 in net sales during the period.

D. For every $1 in assets, the firm earned gross profit of $3.6 during the period.

E. For every $1 in assets, the firm earned $3.6 in net income.