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Murphy Company's total liabilities on December 31, 2016, amounted to $1,442,000. The debt-to-equity ratio on this date was 1.40 to 1. Net income for 2016
Murphy Company's total liabilities on December 31, 2016, amounted to $1,442,000. The debt-to-equity ratio on this date was 1.40 to 1. Net income for 2016 was $282,282, and the profit margin was 5.17%. Required: 1. Determine Murphy's net sales for 2016. $ 2. Determine Murphy's total assets on December 31, 2016. $ 3. Determine Murphy's asset turnover ratio for 2016, using year-end total assets, rather than average total assets. If required, round your answer to one decimal place.
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