Fireworks CityInformation for 2020 and 2019 is presented below for this company which uses the straight-line depreciation method.
2020
2019
Property, plant and equipment$ 250,000
$190,000
Accumulated depreciation100,000
85,000
Depreciation expense62,500
47,500
Net sales1,000,000
900,000
Total assets625,000
475,000
Refer to Fireworks City. Determine the asset turnover ratio for 2020.
A. 7.84 times
B. 1.60 times
C. 4.00 times
D. 4.55 times
Answer: A
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