Question 19 Calculate the Total Asset Turnover 4.626x 6.61x 4.75x 5.04x Assets Current Assets: Cash Accounts Receivable Inventory Total current Assets NET Fixed Assets Other Assets Total Assets $ 10,000 40,000 75.000 $125,000 152,000 4.000 $ 281,000 Liabilities and Stockholders Equity Current Liabilities: Accounts Payable $ 69,000 Notes Payable 24,000 Accrued Expenses 4,000 Total Current Liabilities $ 97,000 Long Term Debt 30.000 Total Debt $ 127,000 Owners Equity Common Stock( 25,000 shares outstanding @$1 par) 25,000 Retained Earnings 129.000 Total Equity $ 154,000 Total Liabilities and Stockholders Equity $ 281,000 The Cwazy Wabbitt Company Income Statement for the year 1/1/2019 - 12/31/2019 Sales (50,000 units @ $26.00 price) $ 1,300,000 Cost of Goods Sold ( 50,000 units @ $20.10 variable cost per unit) $ 1,005,000 Fixed Costs 177.500 Operating Profit (EBIT) 117,500 Interest Expense 63.240 Earnings Before Tax 54,260 Taxes (15%) 18.991 Earnings After Tax (Net Income ) $ 35,269 Dividends declared and paid $ 14,108 Current Stock Price as 7/21/2015: $45.00