Photo Pro Photo reported the following figures on its December 31, 2024, income statement and balance sheet: (Click the icon to view the figures

Accounting Jan 19, 2021

Photo Pro Photo reported the following figures on its December 31, 2024, income statement and balance sheet: (Click the icon to view the figures.) Compute the asset turnover ratio for 2024. Round to two decimal places. Net sales Average total assets 296,500 Asset turnover ratio i Data Table X Net sales $ 454,000 Cash Accounts Receivable Merchandise Inventory Prepaid Expenses Property, Plant, and Equipment, net Dec. 31, 2024 Dec 31, 2023 $ 30,000 $ 22.000 62,000 74,000 73,000 71,000 10,000 7,000 225,000 19,000 Print Done Choose from any list or enter ar Clear All

Expert Solution

Solution

Asset turnover ratio for 2024

= Net sales/ average total assets

=Net sales =$454,000

=Average assets = $296,500

Asset turnover ratio

= $454,000/$296,500

= 1.53 times.

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