Murphy Company's total liabilities on December 31, 2012, amounted to $1,500,000. The debtto equity ratio on this
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1. Determine Murphy's net sales for 2012.
2. Determine Murphy's total assets on December 31, 2012.
3. Determine Murphy's asset turnover ratio for 2012, using year-end total assets, rather than average total assets.
Asset Turnover
Asset turnover is sales divided by total assets. Important for comparison over time and to other companies of the same industry. This is a standard business ratio.
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Related Book For
Using Financial Accounting Information The Alternative to Debits and Credits
ISBN: 978-1111534912
8th edition
Authors: Gary A. Porter, Curtis L. Norton
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