Blueribbon Gallery Reported the Following Assets on Its December 31,2019

question 136

Essay

Blueribbon Gallery reported the following assets on its December 31,2019 balance sheet:
$\begin{array}{lll}&\text { Dec. 31,2018}&\text { Dec. 31,2019}\\\text { Cash } & \$ 35,000 & \$ 28,000 \\\text { Accounts Receivable } & 97,000 & 85,000 \\\text { Merchandise Inventory } & 80,000 & 62,000 \\\text { Prepaid Expenses } & 29,000 & 20,000 \\\text { Property, plant, and equipment, net } & 30,000 & 18,000\end{array}$
If the net sales for the year amounted to $850,000,what is the asset turnover ratio for 2019?

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Definitions:

1870

The year that marks a significant period post-Civil War in the United States, characterized by Reconstruction efforts and the early stages of industrialization.

European Migrants

Individuals from European countries who move to another country for various reasons, such as employment or resettlement.

Overpopulation

A situation where the number of people exceeds the capacity of the environment to support life at a decent standard of living.

Scarcity Of Land

The limited availability of land resources relative to demand, often leading to competition and increased value.