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Do all calculations using 9 decimal places, retain the 9 decimal places throughout the calculations, then when you report answers round to 2 decimal places.

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Do all calculations using 9 decimal places, retain the 9 decimal places throughout the calculations, then when you report answers round to 2 decimal places. Examples: If the answer is in years: i.e., 9.5576 report 9.56 years. If the answer is in dollars, i.e., $56.987.555 report to the nearest cent $56,987.56. If the answer is in percentage terms i.e., 10.4478% report 10.45% If the answer is in times i.e., 4.783 report 4.78 times. You need to be very precise with rounding and reporting. For instance, if the answer is 9 times you must report 9.00, the homework grading program will count 9 as incorrect, it would count 9.0 as incorrect, everything must be carried or rounded to two decimal places. Another example, if the answer is $48,000, you must report 48,000.00 Got It Right Corporation Balance Sheets as of December 31, PY and CY PY CY $ Assets Current assets Cash Accounts receivable Inventory Total Fixed Assets Net plant and equipment Total Assets 11,686 $ 69,178 61,815 142,679 12,676 78,100 76,423 167,199 547,499 650,998 690,178 $ 818,197 $ $ $ Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Total Long-term debt Owners' equity Common stock and paid-in capital Retained Earnings Total Total liabilities and owners' equity 48,600 $ 139,494 188,094 130,000 57,289 144,701 201,990 125,000 110,000 262,084 372,084 690,178 $ 110,000 381,207 491,207 818,197 $ Got It Right Corporation Income Statement for CY Sales Cost of Good Sold Depreciation Earnings Before Interest & Taxes Interest Paid Taxable income Tax Rate Taxes Net Income $ 864,500 432,900 81,000 350,600 24,065 326,535 40% 130,614 $ 195,921 Dividends Addition to Retained Earnings 76,798 119,123 Problem 2: Calculate the following Asset Utilization ratios for Got It Right. (Use year-end figure rather than average values when appropriate) 2a. The Total asset turnover for the year CY is times. 2a. Points: 3.34 2b. The Inventory turnover for the year CY is _times. 2b. Points: 3.33 2c. The Receivables turnover for the year CY is times. 2c. Points: 3.33

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