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QUESTION
As of December 31, 20XX, Michael Corp's fixed assets before depreciation were $14,000,000. Its sales for the year were $32,000,000.
As of December 31, 20XX, Michael Corp's fixed assets before depreciation were $14,000,000. Its sales for the year were $32,000,000. Its EBIT for 20XX was $1,500,000, and its accumulated depreciation on fixed assets was $4,000,000. What was its fixed assets turnover ratio?
