16. The following information pertains to Carlton Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit. Assets Cash and short-term investments $ 40,000 Accounts receivable (net) 25,000 Inventory 20,000 Property, plant and equipment 210,000 Total assets $295,000 Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Stockholders' equity-common Total liabilities and stockholders' equity 60,000 85,000 150.000 $295.000 Income Statement Net sales Cost of goods sold Gross margin Operating expenses Interest expense Net income $ 85,000 45.000 40,000 15,000 _5,000 $ 20,000 Number of shares of common stock Market price of common stock Total dividends paid Cash provided by operations 6,000000 $20 $5,400 $30,000 What is the ratio of net sales to total assets for this company? Round your answer to two decimal points. 1.00 0.29 1.89 0.36