LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2017 and 2018 2018 2017 $21,800 $17,100 800 100 $21,000 $17,000 11,300 8,100 $ 9,700 $ 8,900 Gross sales Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative Research Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes Net income $ 980 $ 740 4,300 3,400 830 640 640 440 $ 6,750 $ 5,220 $ 2,950 $ 3,680 840 640 $ 2,110 $ 3,040 844 1,216 $ 1,266 $ 1,824 2018 2017 $13,400 $10,400 17,900 13,900 9,900 15,400 25,400 11,400 $66,600 $51,100 $15,900 $12,400 14,900 10,400 $30,800 $22,800 $97,400 $73,900 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 Liabilities Current liabilities: Accounts payable Salaries payable Total current liabilities Long-term liabilities: Mortgage note payable Total liabilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $14,400 $ 8,400 8,500 6,400 $22,900 $14,800 23,500 21,900 $46,400 $36,700 $22,400 $22,400 28,600 14,800 $51,000 $37,200 $97,400 $73,900 Calculate the asset turnover ratio. (Round your answers to the nearest hundredth.) 2018 2017 Asset turnover ratio