Exhibit 4.1 The balance sheet and income statement shown below are for Koski Inc. Note that the firm has no amortization charges, it does not lease any assets, none of its debt must be retired during the next 5 years, and the notes payable will be rolled over.

Balance Sheet (Millions of $)
Assets		2019
Cash and securities		$4,200
Accounts receivable		17,500
Inventories		20,300
Total current assets		$42,000
Net plant and equipment		$28,000
Total assets		$70,000
Liabilities and Equity
Accounts payable		$22,509
Accruals		14,391
Notes payable		6,000
Total current liabilities		$42,900
Long-term bonds		$11,000
Total liabilities		$53,900
Common stock		$3,542
Retained earnings		12,558
Total common equity		$16,100
Total liabilities and equity		$70,000
Income Statement (Millions of $)		2019
Net sales		$105,000
Operating costs except depreciation		97,650
Depreciation		2,100
Earnings before interest and taxes (EBIT)		$5,250
Less interest		1,020
Earnings before taxes (EBT)		$4,230
Taxes		1,058
Net income		$2,538
Other data:
Shares outstanding (millions)		500.00
Common dividends (millions of $)		$888.30
Int rate on notes payable & L-T bonds		6%
Federal plus state income tax rate		40%
Year-end stock price		$60.91

Refer to Exhibit 4.1. What is the firm's total assets turnover? Do not round your intermediate calculations.

	a.	1.46
	b.	1.50
	c.	1.47
	d.	1.77
	e.	1.13