E9-27 Computing asset turnover ratio

Learning Objective 6

Blackerby Photo reported the following figures on its December 31, 2018, income statement and balance sheet:

Net sales	$ 441,000
	Dec. 31, 2018	Dec. 31, 2017
Cash	$ 31,000	$ 30,000
Accounts Receivable	68,000	65,000
Merchandise Inventory	80,000	79,000
Prepaid Expenses	16,000	5,000
Property, plant, and equipment, net	175,000	18,000

Compute the asset turnover ratio for 2018 Round to two decimal places.

E9-27
	Compute the asset turnover ratio for 2018.
Please use formatting like below:
Solution:
									Dec. 31, 2018	Dec. 31, 2017
	Asset turnover ratio