Net Sales Are $2,700,000, Beginning Total Assets Are $750,000, and the Asset

question 137

Multiple Choice

Net sales are $2,700,000, beginning total assets are $750,000, and the asset turnover is 3.0. What is the ending total asset balance?

• A) $900,000.
• B) $1,050,000.
• C) $600,000.
• D) $1,125,000.

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Definitions:

Cnidaria

A phylum of aquatic invertebrate animals that includes jellyfish, corals, and sea anemones, characterized by their specialized stinging cells.

Porifera

A phylum consisting of simple, multicellular organisms known as sponges, characterized by their porous bodies and lack of true tissues and organs.

Ctenophora

A phylum of marine animals commonly known as comb jellies, characterized by their gelatinous bodies and rows of ciliary plates.

Ctenophores

Also known as comb jellies, a phylum of marine animals characterized by their distinctive rows of ciliary plates used for swimming.