During 2018, Landers Corp

question 100

Multiple Choice

During 2018, Landers Corp. had net sales of $17,000,000. The beginning total assets were $8,300,000. The asset turnover ratio was 1.6 times. Calculate the ending total assets of Landers. (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.)

• A) $12,950,000
• B) $8,300,000
• C) $14,675,000
• D) $6,375,000

---

Definitions:

Depreciable Asset

An asset which loses value over time due to wear and tear or obsolescence and can be written off as an expense over its useful life for tax and accounting purposes.

Selling Price

The amount of money a buyer pays to acquire a product or service from a seller.

Book Value

The value of a company's assets minus its liabilities, often used to assess its financial health or compare its market value.

Loss On Sale

An economic condition wherein the selling price of an asset is less than its carrying value, resulting in a financial loss.