A total asset turnover ratio of 3.3 indicates that

Multiple Choice

• For every $1 in net sales, the firm acquired $3.3 in assets during the period.

• For every $1 in assets, the firm produced $3.3 in net sales during the period.

• For every $1 in assets, the firm earned gross profit of $3.3 during the period.

• For every $1 in assets, the firm earned $3.3 in net income.

• For every $1 in assets, the firm paid $3.3 in expenses during the period.