Working backward-profitability analysis-total assets

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Reference no: EM13937951

Working Backward: Profitability Analysis

Murphy Company's total liabilities on December 31, 2014, amounted to $1,501,500. The debt-to-equity ratio on this date was 1.43 to 1. Net income for 2014 was $250,920, and the profit margin was 5.10%.

Required:

1. Determine Murphy's net sales for 2014.

2. Determine Murphy's total assets on December 31, 2014.

3. Determine Murphy's asset turnover ratio for 2014, using year-end total assets, rather than average total assets. If required, round your answer to one decimal place.

Reference no: EM13937951

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