Question

T. Powers Companys financial statements on December 31, 2015, showed the following:

Net Sales $275,000

Fixed Assets, January 1 $ 73,000

Fixed Assets, December 31 $ 67,000

Total Assets, January 1 $ 97,000

Total Assets, December 31 $100,000

What is the fixed asset turnover for 2015 (rounded to two decimal places)?

A) 3.93

B) 2.60

C) 4.10

D) 2.79

Answer

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