Net Sales Are $8000000 Beginning Total Assets Are $2500000 and the Asset

question 190

Multiple Choice

Net sales are $8000000 beginning total assets are $2500000 and the asset turnover is 4.0 times. What is the ending total asset balance?

• A) $2000000
• B) $1500000
• C) $2800000
• D) $2500000

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Definitions:

Oral Promise

A commitment made verbally by one party to another without written documentation.

Remedy

A means of legal reparation, which can include monetary compensation, restorative justice, or specific performance in order to resolve a breach of the law.

Breached a Contract

The failure to perform any term of a contract, written or verbal, without a legitimate legal excuse, which may result in legal action against the party in breach.

Implied Warranties

Warranties not explicitly stated but presumed by law to provide certain assurances regarding the quality or functionality of a product.