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MARNI COMPANY Balance Sheet As of December 31 ASSETS Cash $ 50,000 Accounts receivable 100,000 Inventory 200,000 Net plant and equipment 650,000 Total assets $

MARNI COMPANY
Balance Sheet
As of December 31
ASSETS
Cash $ 50,000
Accounts receivable 100,000
Inventory 200,000
Net plant and equipment 650,000
Total assets $ 1,000,000
LIABILITIES AND STOCKHOLDERS EQUITY
Accounts payable $ 100,000
Accrued expenses 90,000
Long-term debt 250,000
Common stock 100,000
Paid-in capital 50,000
Retained earnings 410,000
Total liabilities and stockholders equity $ 1,000,000

MARNI COMPANY
Income Statement
For the year ended December 31
Sales (all on credit) $ 2,000,000
Cost of goods sold 1,750,000
Gross profit $ 250,000
Sales and administrative expenses 30,000
Fixed lease expenses 10,000
Depreciation 60,000
Operating profit $ 150,000
Interest expense 25,000
Profit before taxes $ 125,000
Taxes (40%) 50,000
Net income $ 75,000

Refer to the tables above. What is Marni's total asset turnover?

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