If all of the company’s leases were accounted for as finance leases, then: 

1.The company’s net operating asset turnover (i.e., NOA turnover) for the most recent fiscal year would be higher than the amount that we would obtain if we used the reported amounts shown on the company’s income statement and balance sheet. 

2.The company’s net operating asset turnover (i.e., NOA turnover) for the most recent fiscal year would be lower than the amount that we would obtain if we used the reported amounts shown on the company’s income statement and balance sheet. 

3.The company’s net operating asset turnover (i.e., NOA turnover) for the most recent fiscal year would be the same as the amount that we would obtain if we used the reported amounts shown on the company’s income statement and balance sheet. 

4.This question cannot be answered with the information given to me

Answer rating: 100% (QA)

The detailed answer for the above question is provided below ANSWER Based on the information provided the correct answer would be 3 The companys net operating asset turnover ie NOA turnover for the mo... View the full answer