Determine the Dollar Amount of Total Assets for a Venture

question 20

Multiple Choice

Determine the dollar amount of total assets for a venture with the following financial information: revenues = $500,000; net profit = $70,000; and asset turnover = 2.00 times.

• A) $100,000
• B) $250,000
• C) $375,000
• D) $500,000
• E) $650,000

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Definitions:

Marketing Manager

A professional responsible for developing, implementing, and executing strategic marketing plans for an entire organization or lines of business and brands within an organization to attract potential customers and retain existing ones.

Estimated Liabilities

Obligations that are recognized but whose timing and/or amount is uncertain.

Footnotes

Additional information provided at the bottom of financial statements, explaining or giving context to the figures presented.