Analyzing Total Asset Turnover

Romney's Marketing Company has the following adjusted trial balance at the end of the current year. No dividends were declared. However, 650 shares ($0.10 par value per share) issued at the end of the year for $3,000 are included below:

Debit Credit Cash $ 1,590

Accounts receivable 2,290

Interest receivable 140

Prepaid insurance 1,750

Notes receivable (long-term) 2,940

Equipment 15,200

Accumulated depreciation $ 2,890

Accounts payable 2,360

Accrued expenses payable 3,830

Income taxes payable 2,650

Unearned rent revenue 420

Common Stock (800 shares) 80

Additional paid-in capital 3,550

Retained earnings 4,250

Sales revenue 37,150

Interest revenue 200

Rent revenue 610

Wages expense 18,500

Depreciation expense 1,760

Utilities expense 330

Insurance expense 740

Rent expense 10,000

Income tax expense 2,750

Total $ 57,990

a. Compute total assets for Romneys Marketing Company based on the adjusted trial balance.

b. Compute the company's total asset turnover for the current year, assuming total assets at the end of the prior year were $15,850.