Part 2 of 2

Balance sheet

December 31, year 2 and year 1

Assets	Year 2	Year 1
Current Assets
Cash	$190,000	$190,000
Account receivable	$197,000	$200,000
Inventory	232,000	$200,000
Prepaid expenses	$9,000	$10,000
Total Current assets	$628,000	$600,000
Plant and equipment, net	$695,000	$700,000
Total assets	$1,323,000	$1,300,000
Liabilities and Stockholders Equity
Current liabilities
Account payable	$206,000	$200,000
Accrued liabilities	$104,000	$90,000
Notes payable, short term	$41,000	$50,000
Total current liabilities	$351,000	$340,000
Bonds payable	$130,000	$130,000
Total liabilities	$481,000	$470,000
Stockholders equity
Common stock, $2 par value	$160,000	$160,000
Additional paid-in-capital-common stock	$70,000	$70,000
Retained earnings	$612,000	$600,000
Total stockholders equity	$842,000	$830,000
Total liabilities and stockholders equity	$1,323,000	$1,300,000

Income statement

For the year ended December 31, year 2

Sales(all on account)	$1,330,000
Cost of goods sold	$740,000
Gross margin	$590,000
Operating expenses	$555,000
Net operating income	$35,000
Interest expense	$11,000
Net income before taxes	$24,000
Income taxes (30%)	$7,200
Net income	$16,800

What is the companys inventory turnover for year 2?

What is the companys total asset turnover for year 2?