Lake Coffee Company reported net sales of $180,000, net income of $54,000, beginning total assets of $200,000,

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Lake Coffee Company reported net sales of $180,000, net income of $54,000, beginning total assets of $200,000, and ending total assets of $300,000. What was the company’s asset turnover ratio?

(a)0.90 

(b)0.20

(c)0.72

(d)1.39

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Financial And Managerial Accounting

ISBN: 9781118004234

1st Edition

Authors: Donald E. Kieso, Paul D. Kimmel, Jerry J. Weygandt

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