Saved Some recent financial statements for Smolira Golf, Inc. SMOLIRA GOLF, INC. Balance Sheets as of December 31, 2013 and 2014 2013 2014 2013 2014 Assets Liabilities and Owners' Equity Current assets Cash Accounts receivable Inventory $ 4,607 $ 4,910 6,702 8,149 17,357 19,350 Current liabilities Accounts payable Notes payable $ 3,413 $ 3,846 Other Total $28,666 $32,409 Total 2,768 138 3,416 165 $ 6,319 $ 7,427 Long-term debt Owners' equity Common stock $22,500 $ 19,000 and paid-in surplus $38,000 $ 38,000 Fixed assets Accumulated retained 20,535 44,792 earnings Net plant and $ 58,688 $ 76,810 Total $58,535 $ 82,792 equipment Total assets $ 87,354 $109,219 Total liabilities and owners' $ 87,354 $ 169,219 equity SMOLIRA GOLF, INC. 2014 Income Statement Sales Cost of $ 205,227 138,383 goods sold Depreciation 5,910 EBIT $ 60,934 Interest paid 1,617 $ 205,227 Sales Cost of goods sold SMOLIRA GOLF, INC. 2014 Income Statement Depreciation EBIT 69 138,383 5,910 $ 60,934 Interest paid 1,617 Taxable income $ 59,317 Taxes Net income 20,760 $ 38,557 Dividends $ 14,300 Retained 24,257 earnings for year 2014, total asset turnover ratio is Numeric Response times (keep at least two decimal, e.g. your answer is 2.12, then enter 2.12)