How do you compute the total asset turnover ratio? See the attached Word doc for the details.

1. After three years in business, you are being evaluated for a promotion. One measure is how efficiently you have managed the assets of the business. Using the data in the following table, compute the total asset turnover ratio for 2014 and 2013 and evaluate the results. Also compute the return on invested capital (net Income divided by total stockholders' equity). Do you think you should be promoted? Why or why not? Audrey's Ice Cream Parlor Account 2014 2013 2012 Total assets $93,000 $78,000 $61,000 Total liabilities $23,000 $23,000 $16,500 Total contributed capital plus retained earnings $70,000 $55,000 $44,500 Total sales $100,000 $82,500 $57,250 Net income $15,000 $10,500 $4,500