Question
The Mount Vernon Company reported gross sales of $850,000, sales returns and allowances of $5,000 and sales discounts of $5,000. The company has total assets
The Mount Vernon Company reported gross sales of $850,000, sales returns and allowances of $5,000 and sales discounts of $5,000. The company has total assets of $500,000, of which $250,000 is property, plant, and equipment. What is the company's asset turnover ratio?
| A. | 1.68 times | |
| B. | 1.72 times | |
| C. | 0.59 times | |
| D. | 1.7 times |
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Auditing Assurance And Risk
Authors: W Robert Knechel, Steven E Salterio
4th Edition
1315531720, 9781315531724
