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The following information provided below relates to the business of Commercial T...
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The following information provided below relates to the business of Commercial Telephones, owned and managed by Peter Lucas:
| 2022 | 2023 |
Sales Revenue | 165,000 | 185,000 |
Total expenses | 127,286 | 107,286 |
Profit before income tax | 37,714 | 77,714 |
Income tax expenses (30%) | 11,314 | 45,714 |
Net profit | 26,400 | 32,000 |
Total assets | 100,000 | 80,000 |
Total liabilities | 45,000 | 55,000 |
Owner’s equity | 65,000 | 85,000 |
What is the asset turnover ratio of the Commercial Telephones for 2023 financial year?
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