Barker, Inc. had reported the following details for the year ended December 31, 2019:
The company's beginning total assets and liabilities were $14,300,000 and $9,100,000, respectively. Calculate the asset turnover ratio for 2019. (Round your answer to two decimal places.)
A) 2.06 times
B) 1.21 times
C) 1.55 times
D) 1.60 times
D) 1.60 times
Explanation: Asset turnover ratio = Net sales / Average total assets
Net sales = $24,950,000
Average total assets = ($14,300,000 + $16,900,000) / 2 = $15,600,000
Asset turnover ratio = $24,950,000 / $15,600,000 = 1.60
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