5 Income Statement (2019) Sales Cost of goods sold Gross profit Selling and administrative expenses Operating profit Interest expense Income before tax Tax expense Net Income $8,000,000 6,500,000 1,500,000 1.100.000 400,000 50,000 350.000 120,000 230,000 Balance Sheet Cash Accounts receivable Inventory Total current assets Fixed assets Total assets 2019 $80,000 810,000 B00.000 1,690,000 2.600.000 4.290,000 2,018 $70,000 800,000 720.000 1,590,000 2.400.000 3,990,000 Accounts payable Bank loan Total current liabilities Bonds payable Total liabilities Common stock (20,000 shares) Retained earnings Total liabilities and shareholders' equity 500,000 490,000 100.000 100.000 690,000 590,000 400.000 300.000 1,090,000 890,000 400.000 400,000 2.800.000 2.200.000 4.290,000 3,990,000 Note: The common shares are trading in the stock market for $35 each Refer to the financial statements of Burnaby Mountain Trading Company. The firm's asset turnover ratio for 2019 is Please keep in mind that when a ratio involves both income statement and balance sheet numbers, the balance sheet numbers for the beginning and end of the year must be overaged. Multiple Choice nences 1.30 1.93 2.45 2.83