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a
a. If a firm's assets of $16,000 represent 200 days' sales, what is its annual sales? Assume a 365-day year.
Annual sales
b. What is its asset turnover ratio? (Round your answer to 3 decimal places.)
Asset turnover ratio r
Expert Solution
a) Computation of Annual Sales:
Annual sales = ($16,000*365 days)/200 days = $29,200
b) Computation of Asset Turnover Ratio:
Asset turnover ratio = Annual sales/Total assets = $29,200/$16,000 = 1.825 times
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