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.

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Definitions:

Peer Recognition

The acknowledgment and appreciation of an individual's work or achievements by their colleagues and peers, often serving as a motivational tool.

Negative Reinforcement

A behavioral principle where the removal of an unfavorable condition strengthens a behavior.

Behaviour Occurring

The manifestation of actions or reactions of an individual in specific situations.

Extinction

In behavioral psychology, the gradual decrease and eventual disappearance of a conditioned response after the reinforcement is no longer provided.