Question: Murphy Company's total liabilities on December 31, 2016, amounted to $1,500,000. The debt-to-equity ratio on this date was 1.5 to 1. Net income for 2016

Murphy Company's total liabilities on December 31, 2016, amounted to $1,500,000. The debt-to-equity ratio on this date was 1.5 to 1. Net income for 2016 was $250,000, and the profit margin was 5%.
Required
1. Determine Murphy's net sales for 2016.
2. Determine Murphy's total assets on December 31, 2016.
3. Determine Murphy's asset turnover ratio for 2016, using year-end total assets, rather than average total assets.

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