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Selected data from the 2015 financial statements of KRJ Manufacturing are presented below. Calculate the total...

Selected data from the 2015 financial statements of KRJ Manufacturing are presented below. Calculate the total asset turnover for the year, rounded to two decimal places. e.g. 20.00.

Sales $109,663

Gross profits $94,084

Operating profits (EBIT) $34,571

Earnings before taxes (EBT) $27,189

Net profits $17,467

Tax expense 9,549

Depreciation expense $14,702

Total assets, Dec. 31, 2014 $82,905

Total assets, Dec. 31, 2015 $83,331

Total equity, Dec. 31, 2014 $46,228

Total equity, Dec. 31, 2015 $49,950

Cash flow from operations $33,951

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Let me know in case any issue and query:

Total Assets Turnover ratio = Net Sale / Total Average assets

Answer is highlighted in yellow: Solution: Answer: 1.32 Explanation: Total Assets Turnover Formula-Net Sale/Total Average ass

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