During 2017,Sanchez Corp

question 91

Multiple Choice

During 2017,Sanchez Corp.had net sales of $17,100,000.The beginning total assets were $8,500,000.The asset turnover ratio was 2 times.Calculate the ending total assets of Sanchez.(Round any intermediate calculations to two decimal places,and your final answer to the nearest dollar. )

• A)$8,600,000
• B)$8,500,000
• C)$17,050,000
• D)$8,550,000

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Definitions:

Elastic Demand

A condition where the quantity demanded of a good or service is highly responsive to changes in its price.

Output Effect

The impact on total revenue when a firm changes its output level, considering demand elasticity.

Substitution Effect

The change in consumption patterns due to a relative change in prices leading consumers to substitute one product for another.

Derived Demand

The demand for a good or service that arises from the demand for another good or service; for example, the demand for steel is derived from the demand for cars.