The Asset Turnover of Jerry's Sleepshop Is 3

question 54

Short Answer

The asset turnover of Jerry's Sleepshop is 3.2. The total assets of Jerry's are $32,000. What were Jerry's net sales?

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Definitions:

Equipment

Tangible property owned by a business used in operations, such as machinery, vehicles, or computers.

Balance

The difference between the total debits and credits in an account, or the equilibrium between two opposing forces or aspects.

Revaluation Surplus

This is the increase in value of an asset after it has been appraised again and is recorded as a gain in equity under a company's financials.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that guide the preparation of financial statements globally.