Burdick Corporation has provided the following financial data from its balance sheet: Year 2Year 1Accounts receivable, net$266,000 $250,000 Inventory$162,000 $190,000 Total assets$1,415,000 $1,390,000 Total stockholders' equity$991,000 $970,000 Sales (all on account) in Year 2 amounted to $1,410,000 and the cost of goods sold was $860,000.The company's total asset turnover for Year 2 is closest to:
A. 5.32
B. 0.19
C. 1.01
D. 0.99
Answer: C
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Indicate whether the statement is true or false
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