LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2020 2019 Gross sales $21,000 $16,500 Sales returns and allowances 900 100 Net sales $20,100 $16,400 Cost of merchandise (goods) sold 11,500 8,500 Gross profit $ 8,600 $ 7,900 Operating expenses: Depreciation $ 900 $ 700 Selling and administrative 3,700 3,000 Research 750 600 Miscellaneous 560 400 Total operating expenses $ 5,910 $ 4,700 Income before interest and taxes $ 2,690 $ 3,200 Interest expense 760 600 Income before taxes $ 1,930 $ 2,600 Provision for taxes 772 1,040 Net income $ 1,158 $ 1,560 LOGIC COMPANY Comparative Balance Sheet December 31, 2019 and 2020 2020 2019 ed $ 13,000 $10,000 17,500 13,500 9,500 15,000 25,000 11,000 $ 65,000 $ 49,500 OK ant $ 15,500 $ 12,000 14,500 10, eee $ 30,000 $ 22,000 $ 95,000 $ 71,500 ences 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 $ 14,000 $ 8,000 8,000 6,000 $ 22,000 $ 14,000 23,000 21,500 $ 45,000 $35,500 $ 22,000 $ 22,000 28,000 14,000 $ 50,000 $ 36,000 $ 95,000 $71,500 danimal rounded t Calculate the asset turnover ratio. (Enter your response as a decimal rounded to 2 places.) 2020 2019 Asset turnover ratio dollar sales per $1 of assets