The assets of Moreland Corporation are presented below.January 1 December 31CashMarketable securities$48,000$62,00042,00035,000Accounts receivable68,00047,000Inventory125,000138,000Plant & equipment (net of accumulated depreciation)325,000424,000For the year just ended, Moreland had net income of $96,000 on $900,000 of sales. Moreland's total asset turnover ratio is:Oa. 1.27.Ob. 1.37.Oc. 1.48.Od. 1.50.

Morland's total asset turnover ratio is 1.37.{ Option (b) }Explanation:Step 1:Step 2:

Answered: The assets of Moreland Corporation are…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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