QUESTION 14 A total asset turnover ratio of 3.5 indicates that For every $1 in net sales the firm acquired 5350 in assets during the period For every S1 in assets the firm earned gross profit of $3.50 during the period For every S1 in assets the firm paid $3 50 in expenses during the period 51 in assets the firm produced $350 in net sales during the period For every $1 in assets, the firm eamed 5350 in net income For every QUESTION 15 Martin Company purchases a machine at the beginning of the year at a cost of $155.000 The machine is depreciated using the double-declining balance method. The machines useful life is estimated to be 4 years with a $12.900 salvage value Depreciation Expanse in varis 56 475 577 500 $35.588 $12.950 59.688