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30 September, 15:26

Runyon Inc. reported the following results from last year's operations: Sales $ 16,800,000 Variable expenses 12,230,000 Contribution margin 4,570,000 Fixed expenses 3,394,000 Net operating income $ 1,176,000 The company's average operating assets were $7,000,000. Last year's turnover was closest to: Multiple Choice 0.42 14.29 0.07 2.40

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  1. 30 September, 16:01
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    Turnover is equal to 2.40

    Explanation:

    Consider the following equation to calculate the turnover

    Turnover = Sales / Average operating assets

    = 16.800.000/7000000=

    2.4

    Turnover is an accounting concept that calculates how quickly a business conducts its operations.
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