Maple Corp. had net sales of $201,550 for the year ended December 31, 2017. Its beginning and ending total assets were $88,200 and $112,500, respectively. Determine Maple's asset turnover ratio for the year ended December 31, 2017
A) 0.5 times
B) 2.29 times
C) 1.11 times
D) 2.01 times
D .Asset turnover ratio = Net sales / Average total assets
Asset turnover ratio = $201,550 / [($88,200 + $112,500 ) / 2] = 2.01 times (rounded)
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