Exercise (Part Level Submission) Selected financial statement data for Homer Company are presented below.
Cost of goods sold |
$1,500,000 |
Average total assets |
700,000 |
Interest expense |
10,000 |
Net income |
205,000 |
Total assets (ending) |
900,000 |
Total common stockholders' equity (ending) |
600,000 |
Total assets at the beginning of the year were $800,000; total common stockholders' equity was $500,000 at the beginning of the period.
(a) Calculate asset turnover. (Round answer to 2 decimal placea, e.g. 15.21%.)