During 2022, Phelps Corporation Reported Net Sales of $2,500,000, Net

question 120

Multiple Choice

During 2022, Phelps Corporation reported net sales of $2,500,000, net income of $1,320,000, and depreciation expense of $80,000.Phelps also reported beginning total assets of $1,000,000, ending total assets of $1,500,000, plant assets of $800,000, and accumulated depreciation of $500,000.Phelps's asset turnover is

• A)1.3 times.
• B)1.1 times.
• C)1.7 times.
• D)2.0 times.

---

Definitions:

Litigation

The process of taking legal action or resolving disputes through the court system.

Political Performance Appraisals

Evaluations of an individual's work performance that are heavily influenced by office politics or organizational dynamics.

Ongoing Discussions

Continuous or repeated conversations, debates, or negotiations on a particular topic or issue.

Ambiguous Goals

Objectives that are unclear or can be interpreted in multiple ways, often leading to confusion or conflicting priorities.