2 Balance Sheet Assets: Cash and marketable securities Income statement Net sales (all credit) $10,000,000 $600,000 (3,000,000 22107 Accounts receivable Inventories Prepaid expenses Total current assets Fixed assets Less accum depreciation 900.000 1,500,000 75.000 $3,075,000 8,000,000 (2.075,000 Less: Cost of goods sold Selling and administrative expense Depreciation expense Interest expense Earnings before taxes Income taxes Net Income Common stock shares outstanding Market price (2,000,000 (250,000 (200,000 4,550,000 (1.820,000) $2.730.000 Net fixed assets Total assets $5.925.000 $9,000,000 1,000,000 30.00 Liabilities: Accounts payable Notes payable Accrued taxes Total current liabilities Long term debt Owner's equity (1 million shares of common stock outstanding) Total liabilities and owner's equity $800,000 700000 50,000 $1.550.000 2.500.000 4.950,000 $9,000,000 Based on the information in the above table the inventory tumover ratio is Multiple Choice