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Based on the information in the table, calculate the firm's total assets turnover ratio. Round the answers to two decimal places Balance Sheet December 31,
Based on the information in the table, calculate the firm's total assets turnover ratio. Round the answers to two decimal places Balance Sheet December 31, 2012 Accounts payable $288,000 Notes payable $65,000 Accrued expenses $84,000 Total current $437,000 Cash and marketable $198,000 securities Accounts $469,000 receivable Inventories $577,000 Prepaid expenses $15,700 Total current $1,259,700 assets Gross fixed assets $1,954,000 Less: accumulated $476.000 depreciation Net fixed assets $1,478,000 liabilities Long-term debt $237,000 Par value and paid-in-capital $199,000 Retained Earnings $1,864,700 Common Equity 2,063,700 Total liabilities and owner's $2,737,700 equity Total assets $2,737,700 Income Statement. Year of 2012 Net sales (all credit) $7,546,600.00 Less: Cost of goods $6.112,746.00 $349,000.00 sold Selling and administrative expenses Depreciation expense EBIT $145,000.00 $939,854.00 $49,500.00 $890,354.00 Interest expense Earnings before taxes Income taxes Net income $356,141.60 $534,212.40
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