In its 2017 annual report, Crane Manufacturing Company reports beginning-of-the-year total assets of $ 2,322,000, end-of-the-year total assets of $ 2,803,000, total sales of $ 4,886,000, and net income of $ 805,000. (a)

In its 2017 annual report, Crane Manufacturing Company reports beginning-of-the-year total assets of $ 2,322,000, end-of-the-year total assets of $ 2,803,000, total sales of $ 4,886,000, and net income of $ 805,000. (a)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

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Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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Question

In its 2017 annual report, Crane Manufacturing Company reports beginning-of-the-year total assets of $ 2,322,000, end-of-the-year
total assets of $ 2,803,000, total sales of $ 4,886,000, and net income of $ 805,000.
(a)
Compute Crane's asset turnover. (Round answer to 3 decimal places, e.g. 4.870.)
Asset turnover ratio
times

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