Calculate the Asset Turnover for Chrissie's Cooking Supply based on its Balance Sheet and Income Statement. Use average balances in your calculation where applicable. (On 12/31/2014, Chrissie's Cooking Supply had total assets of $65,173.)

The asset turnover = 1.84

Explanation:

Asset Turnover = Sales / Average total assets

First, we will calculate average total assets as below:

Average total assets = Beginning assets + Ending assets / 2

Beginning assets = assets on 12/31/2014 = $65173

Ending assets = assets on 12/31/2015 = $100676

Average total assets = = = $82924.5

Sales / Revenue = $152633

Now, putting these values in the asset turnover formula, we get,

Asset Turnover = Sales / Average total assets

Asset turnover = = 1.84

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