At December 31, 2012, a company has the following amounts on its financial statements:
Property, plant, and equipment.................$10,000
Accumulated depreciation.........................5,000
Total assets at January 1, 2012..................30,000
Total assets at December 31, 2012..............40,000
Net sales............................................62,000
Depreciation expense..............................1,000
Calculate the following ratios:
Average life of the assets
Average age of the assets
Asset turnover