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Working Backward: Profitability Analysis Murphy Company's total liabilities on December 31, 2017, amounted to $1,510,500. The debt-to-equity ratio on this date was 1.59 to 1.

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Working Backward: Profitability Analysis Murphy Company's total liabilities on December 31, 2017, amounted to $1,510,500. The debt-to-equity ratio on this date was 1.59 to 1. Net income for 2017 was $228,362, and the profit margin was 5.03%. Required: 1. Determine Murphy's net sales for 2017. 2. Determine Murphy's total assets on December 31, 2017. 3. Determine Murphy's asset turnover ratio for 2017, using year-end total assets, rather than average total assets. If required, round your answer to one decimal place. Working Backward: Profitability Analysis Murphy Company's total liabilities on December 31, 2017, amounted to $1,510,500. The debt-to-equity ratio on this date was 1.59 to 1. Net income for 2017 was $228,362, and the profit margin was 5.03%. Required: 1. Determine Murphy's net sales for 2017. 2. Determine Murphy's total assets on December 31, 2017. 3. Determine Murphy's asset turnover ratio for 2017, using year-end total assets, rather than average total assets. If required, round your answer to one decimal place

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