Question: The selected financial statement information for a company includes the following items: Total assets of 300,000 at the end of the current year Total assets

The selected financial statement information for a company includes the following items: Total assets of 300,000 at the end of the current year Total assets of 500,000 at the end of the prior year Net sales of 3,000,000 in the current year Net income of 1,200,000 in the current year What is the asset turnover for the current year?

1. 10.0

2. 7.5

3. 4.0

4. 3.0

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