Question
As of December 31 20XX, Michael Corp's fixed assets before depreciation were 14,000,000 Its sales for the year were 32,000,000 Its EBIT for 20XX was
As of December 31 20XX, Michael Corp's fixed assets before depreciation were 14,000,000 Its sales for the year were 32,000,000 Its EBIT for 20XX was 1,500,000 and its accumulated depreciation on fixed assets was 4,000,000. What was its fixed assets turnover ratio?
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Financial and Managerial Accounting the basis for business decisions
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
17th edition
007802577X, 978-0078025778
