At December 31,2017,Ashland Company Has the Following Amounts on Its

Essay

At December 31,2017,Ashland Company has the following amounts on its financial statements:

$$\begin{array} { l r } \text { Property, plant, and equipment } & \$ 10,000 \\\text { Accumulated depreciation } & 5,000 \\\text { Total assets at January } 1,2017 & 30,000 \\\text { Total assets at December 31,2017 } & 40,000 \\\text { Net sales } & 62,000 \\\text { Depreciation expense } & 1,000\end{array}$$
Based on this information,calculate the following ratios:
(1)Average life of the assets
(2)Average age of the assets
(3)Asset turnover