During 2014, Phelps Corporation Reported Net Sales of $3,000,000, Net

question 285

Multiple Choice

During 2014, Phelps Corporation reported net sales of $3,000,000, 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 ratio is

• A) 1.5 times.
• B) 1.2 times.
• C) 2.0 times.
• D) 2.4 times.

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