Calculate the asset turnover ratio. (Enter your response as a decimal rounded to 2 places.) Asset turnover ratio 2020 2019 dollar sales per $1 of assets Calculate the total debt to total assets ratio. (Do NOT enter your answer as a percentage (i.e., do not move the decimal two places to the right). Enter it as a proportion rounded to the nearest hundredth.) 2020 Total debt to total assets ratio 2019 Gross sales LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2020 $19,000 2019 $15,000 Sales returns and allowances 1,000 100 Net sales $18,000 $14,900 Cost of merchandise (goods) sold 12,000 9,000 Gross profit $ 6,000 $ 5,900 Depreciation Research Provision for taxes Operating expenses: Selling and administrative Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Net income $ 700 $ 600 2,200 2,000 550 500 360 300 $ 3,810 $3,400 $ 2,190 560 $ 2,500 500 $ 1,630 640 $ 2,000 800 $ 990 $ 1,200 LOGIC COMPANY Comparative Balance Sheet December 31, 2019 and 2020 Current assets: Cash Accounts receivable Merchandise inventory Prepaid expenses Total current assets Plant and couinment. Assets 2020 2019 $ 12,000 16,500 8,500 24,000 $ 61,000 $ 9,000 12,500 14,000 10,000 $ 45,500 LOGIC COMPANY Comparative Balance Sheet December 31, 2019 and 2020 Assets Current assets: Cash Accounts receivable Merchandise inventory Prepaid expenses Total current assets Plant and equipment: Building (net) Land Total plant and equipment Total assets Current liabilities: Liabilities 2020 2019 $ 12,000 $ 9,000 16,500 8,500 24,000 12,500 14,000 10,000 $ 61,000 $ 45,500 $14,500 13,500 $ 28,000 $ 11,000 9,000 $ 20,000 $ 89,000 $ 65,500 Accounts payable Salaries payable Total current liabilities Long-term liabilities: Mortgage note payable Total liabilities $ 42,000 $13,000 7,000 $ 20,000 22,000 $ 7,000 5,000 $ 12,000 20,500 $ 32,500 Stockholders' Equity Common stock Retained earnings $ 21,000 26,000 $ 21,000 12,000 Total stockholders' equity Total liabilities and stockholders' equity $ 47,000 $ 33,000 $ 89,000 $ 65,500