Pizza,IncProvides the Following Data For the Year Ending December 31,2019

question 5

Multiple Choice

Pizza,Inc.provides the following data: $$\begin{array} { | l | r | r | } \hline &\underline { 2019 } & { \underline { 2018 } } \\\hline \text { Assets } & & \\ \hline \text { Current Assets: } & & \\\hline \text { Cash and Cash Equivalents } & \$ 34,000 & \$ 25,000 \\\hline \text { Accounts Receivable, Net } & 39,000 & 62,000 \\\hline \text { Merchandise Inventory } & \underline { 55,000 } & \underline { 50,000 } \\\hline \text { Total Current Assets } & \$ 128,000 & 137,000 \\\hline \text { Property, Plant, and Equipment, Net } & \$ 120,000 & \underline { 120,000 } \\\hline \text { Total Assets } & \underline { \$ 248,000 } & \$ 257,000 \\\hline\end{array}$$ For the year ending December 31,2019:
$$\begin{array} { | l | r | } \hline \text { Net Credit Sales } & \$ 500,000 \\\hline \text { Cost of Goods Sold } & \$ 160,000 \\\hline \text { Gross Profit } & \$ 340,000 \\\hline\end{array}$$ There are no cash sales.Calculate the asset turnover ratio for 2019.(Round your answer to two decimal places.)

• A) 3.91 times
• B) 0.99 times
• C) 0.65 times
• D) 1.98 times

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