During 2015 Lopez Corporation Reported Net Sales of $3,200,000 and Net

question 171

Essay

During 2015 Lopez Corporation reported net sales of $3,200,000 and net income of $1,200,000. Its balance sheet reported average total assets of $1,600,000.
Instructions
Calculate the asset turnover.

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Definitions:

Modal Class

The class interval with the highest frequency in a frequency distribution, representing the most common category or range of data.

Observations

The collection of data points or information obtained through watching, measuring, or recording something.

Histogram

A graphical representation of data using bars of different heights to show the frequency distribution of a dataset.

Interval Data

A type of data that is measured along a scale, where each point is placed at a specific distance from others, but there is no true zero point.