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Murphy Company's total liabilities on December 31, 2012, amounted to $1,500,000. The debt-to-equity ratio on this date was 1.5 to 1. Net income for 2012 was $250,000, and the profit margin was 5%.
Required:
1. Determine Murphy's net sales for 2012. $
2. Determine Murphy's total assets on December 31, 2012. $
3. Determine Murphy's asset turnover ratio for 2012, using year-end total assets, rather than average total assets.
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