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 76,423 167,199 547,499 690,178 _ $ 650,998 818,197 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) _times. 2a. The Total asset turnover for the year CY is 2a. Points: 3.34 2b. The Inventory turnover for the year CY is 2b. Points: 3.33 _times. times. 2c. The Receivables turnover for the year CY is 2c. Points: 3.33