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Use the following selected financial information to calculate total asset turnover. Show your work. Net...

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Accounting

Use the following selected financial information to calculate total asset turnover. Show your work. Net sales 662,000 Accounts receivable 22,000Cost of goods sold 560,000 Inventory 35,000Operating expenses 58,000 Total current assets 86,200Operating profit 44,000 Total assets 212,200Interest expense 2,000 Accounts payable 30,000Earnings before taxes 42,000 Total current liabilities 52,000Income tax expense 8,800 Long-term debt 84,000Net profit 33,200 Total stockholders' equity 76,200 Total liabilities and equity 212,200

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