Working Backward: Profitability Analysis Murphy Company's total liabilities on December 31, 2017, amounted to $1,560,000....
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Working Backward: Profitability Analysis Murphy Company's total liabilities on December 31, 2017, amounted to $1,560,000. The debt-to-equity ratio on this date was 1.56 to 1. Net income for 2017 was $226,800, and the profit margin was 5.04%. Required: 1. Determine Murphy's net sales for 2017. 2. Determine Murphy's total assets on December 31, 2017, 3. Determine Murphy's asset turnover ratio for 2017, using year-end total assets, rather than average total assets. If required, round your answer to one decimal place.
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