Nerf Mania Reports Net Income of $500,000,net Sales of $4,000,000,and

question 46

Multiple Choice

Nerf Mania reports net income of $500,000,net sales of $4,000,000,and average assets of $2,000,000.The asset turnover is:

• A)0.25 times.
• B)0.5 times.
• C)2 times.
• D)8 times.

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Definitions:

Bailment

The act of temporarily placing control or possession of personal property in the hands of another person, under agreement.

Claim Receipt

A document provided by an insurance company or other entity acknowledging that they have received a claim.

Valet

A service employee who parks cars for guests at venues, hotels, or restaurants.

Rebuttable Presumption

A legal assumption made by a court that is taken as true unless someone comes forward to contest it and prove otherwise.