The Balance Sheets of Davidson Corporation Reported Net Fixed Assets

question 18

Multiple Choice

The balance sheets of Davidson Corporation reported net fixed assets of $320,000 at the end of 2018. The fixed-asset turnover ratio for 2018 was 4.0, and sales for the year totaled $1,480,000. Net fixed assets at the end of 2017 were:

• A) $470,000.
• B) $370,000.
• C) $420,000.
• D) None of these answer choices are correct.

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