Chapter 3
Long-Term Assets
130
Analysis
Intangible assets do not have any physical form. Why are they considered assets?
AP-16B (
7
)
Joe Corporation’s selected financial data is given below.
Net Sales for 2016
$180,000
Cost of Sales for 2016
99,000
Average Total Assets for 2016
120,000
Calculate the company’s asset turnover. Explain what the ratio means.
