Given the Following Information, Determine Salem Company's Fixed Assets

question 80

Multiple Choice

Given the following information, determine Salem Company's fixed assets. Sales = $10,000,000
Total asset turnover = 4 times
Current ratio = 2.40
Current liabilities = $500,000
Total assets = current assets + fixed assets

• A) $1,200,000
• B) $4,800,000
• C) $1,300,000
• D) Cannot be determined

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