on january 1, 2017 hilldale company had total assets of $ 360 comma 000. during the year, the company purchased new machinery worth $ 83 comma 000 and promised to pay the amount due after two years. throughout the year, it earned revenue of $ 51 comma 000 every month. calculate the asset turnover ratio.
a.
1.38 times
b.
1.18 times
c.
1.81 times
d.
1.52 times

A. 1.38 times

Step-by-step explanation:

We know,

Asset Turnover ratio = Net Sales (or Revenue) / Average Total Assets

Given,

Net Sales (Revenue) = $51,000 x 12 = $612,000

Total Assets = $360,000 + 83,000 = $443,000

Putting the value in the formula, we get,

Asset Turnover ratio = $612,000/443,000

Asset Turnover ratio = 1.38 times

It means total assets generate 1.38 times of sales.

yo answer should be 6 if im not mistaken

step-by-step explanation:

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