QUESTION 3 Refer to the financial statements below. What is the fixed asset turnover ratio for Chema Corp. in 2016? CHEMA CORP 2016 Income Statement Sales Cost of goods sold Deprecate $ 87,480 56820 3.217 $ 27,443 2064 25 379 Eamings before interest and taxes Interest paid Taxable income Taxes (349) Netcome $ 16750 Current Asset Cach $ 2.190 1.438 179 Accounts receivable Inventory Total Fred Assets Net plant and equipment CHEMA CORP Bahnce Sheet as of December 31, 2016 Assets Liabilities and Owner's Equity Current Liabilites $ 2,783 Accounts payable 3.780 Notes payable 10.970 Other 5 17.533 Total Long-term debt 41.323 Owner's Con stock and paid surplus Retamed earnings Total $ 58.856 Total $ 3.807 13 840 $ 25.000 16 209 $ 41,209 $ 58,856 Total assets 2.11 3.54 7.97 15.77 None of the above answers are correct