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Waterway Industries reported the following data: 2020 2021 Sales $2980000 $4850000 Net Income 293000 391000 Assets at year end 1810000 2460000 Liabilities at year end 1000000 1520000 What is Waterway’s asset turnover for 2021?

Answer :

AYOKENNY2001GO AYOKENNY2001GO

Answer:

See

Explanation:

Given the above information, asset turnover ratio for 2021 is computed as seen below.

Asset turnover = Net sales / Average total assets

Net sales 2021 = $4,850,000

Average total assets = $2,135,000

Therefore, asset turnover ratio for 2021

= $4,850,000 / $2,135,000

= 2.27 times

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