Mehring Company Reported Net Sales of $540000 Net Income of $72000

question 262

Multiple Choice

Mehring Company reported net sales of $540000 net income of $72000 beginning total assets of $240000 and ending total assets of $360000. What was the company's asset turnover?

• A) 2.3 times
• B) 0.6 times
• C) 1.8 times
• D) 1.5 times

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Definitions:

Consistency

The quality of being uniform, stable, and free from contradiction over time.

Consensus

A form of collective agreement where all members of a group support a decision even if it may not be their first choice, ensuring that everyone's opinion is considered.

Self-Serving Bias

is the common human tendency to attribute positive outcomes to one's own character or behaviors but blame outside factors for negative outcomes.

Fundamental Attribution Error

A psychological bias where people tend to attribute others' behavior too much to internal or personal factors and too little to situational factors.