During 2014, Ronald Corporation Reported Net Sales of $1,500,000, Net

question 185

Multiple Choice

During 2014, Ronald Corporation reported net sales of $1,500,000, net income of $900,000, and depreciation expense of $100,000. Ronald 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. Ronald's asset turnover ratio is

• A) 1.5 times.
• B) 1.2 times.
• C) 0.98 times.
• D) 0.72 times.

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Definitions:

Interstate Commerce

The trade, traffic, or transportation of goods, services, or money across state borders within the United States, regulated by federal law.

State Law

The body of law enacted by the legislative branch of a state or established by its judiciary.

Local Concerns

Issues or interests that are specific to a particular community, region, or locality, often distinguishing them from national or global matters.

Contract Clause

A specific provision or section within a contract that outlines a particular agreement, duty, right, or obligation.