A total asset turnover ratio of 3.5 indicates that:Multiple ChoiceFor every $1 in assets, the firm earned $3.50 in net income. For every $1 in assets, the firm paid $3.50 in expenses during the period. For every $1 in assets, the firm produced $3.50 in net sales during the period. For every $1 in sales, the firm acquired $3.50 in assets during the period. For every $1 in assets, the firm earned gross profit of $3.50 during the period.

For every $1 in assets, the firm produced $3.50 in net sales during the period.

Explanation:

Asset turnover is the analysis ratio technique that is used by companies or businesses to measure the assets of the company from which the company originates its income. In the ordinary sense, it is the ratio that can be construed as the total revenue generated by the assets used by the company.

The formula for calculating Asset turnover :

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