Balance Sheet Assets: Cash and marketable securities Income statement Net sales (all credit) $10,000,000 $600,000 (3,000,000) Accounts receivable Inventories Prepaid expenses Total current assets Fixed assets Less: accum, depreciation. 900,000 1,500,000 75,000 $3,075,000 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 8,000,000 (2,075,000) Net fixed assets $5,925,000 $9,000,000 1,000,000 30.00 Total assets 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 $800,000 700,000 50,000 $1,550,000 2,500,000 4,950,000 $9,000,000 Based on the information in the above table the total asset turnover ratio is Multiple Choice 233 141. 4.45 1.11