A. Balance sheet Items Cash Marketable securities Account receivables Inventory Prepaid expenses Net Fixed Assets Investment in AB Co, stocks Account payables Wages and salaries payable Bond payable (10 yrs.) Notes payable (3 yrs.) Total shareholders Equity Capital 2019 8,313 696 23,795 1.619 3,997 96,457 17,309 24,600 13.101 54,102 39,398 20.985 2018 11,604 618 30,563 1,682 4,678 68,764 5.473 21,372 16,855 35,605 32,621 16,929 2019 77,147 40,659 2018 79,591 42,655 B. Income statement Items Revenues Cost of goods sold Salaries & benefits Rent & other expenses Deprecation Interest Taxes (23%) Net Income 11,786 4,412 8,780 1,344 731 9,435 13,197 5.000 6,674 723 2,619 8,723 Required? A. Compute the Net-operating Asset turnover (NOAT) of IBM Company in 2019. Suppose that the industry average NOAT is 2.5x. Evaluate the asset management performance of the company compared to the industry