48

A total asset turnover ratio of 4.5 indicates that: Multiple Choice 0 For every $1 in sales, the firm acquired $45 in assets during the period. O For every $1 In assets, the firm produced $4.5 In net sales during the period. 0 For every $1 In assets, the firm earned gross profit of $4.5 during the period. 0 O For every $1 In assets, the firm earned $4.5 in net Income. 0 For every $1 In assets, the firm paid $4.5 In expenses during the period. Spears Co. had net sales of $47,404 million. Its average total assets for the period were $15,702 million. Spears' total asset turnover equals: Multiple Choice 033. 302 157. 0.47. 474