Roberts Logistics provides the following information
Operating income $1,500,000
Net sales $14,000,000
Average total assets $2,000,000
Management's target rate of return 25%
What is the company's asset turnover ratio? (Round your answer to two decimal places.)
A) 4.00
B) 4.48
C) 12.44
D) 7.00
D .D) Asset turnover ratio = Net Sales / Average total assets = $14,000,000 / $2,000,000 = 7.00
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