Calculate the asset turnover ratio. (Enter your response as a decimal rounded to 2 places.) LOGIC...

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Calculate the asset turnover ratio. (Enter your response as a decimal rounded to 2 places.) LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 Gross sales Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative Research Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes Net income 2020 $19,400 2019 $15,300 800 100 $18,600 $15,200 11,9 $6,700 8,900 $6,300 740 628 2,500 2,200 598 528 400 320 $ 4,230 $2,478 600 $3,668 $ 2,640 520 $ 1,870 748 $2,120 848 $ 1,122 $1,272 LOGIC COMPANY Comparative Balance Sheet December 31, 2019 and 2020 Assets 2020 2019 Current assets: Cash Accounts receivable Merchandise inventory Prepaid expenses Total current assets Plant and equipment: Building (net) Land Total plant and equipment Total assets Current liabilities Accounts payable Salaries payable Liabilities Total current liabilities Long-term liabilities: Mortgage note payable Total liabilities Common stock Stockholders' Equity Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $12,100 $9,300 16,700 12,700 8,700 14,200 24,200 10,200 $61,700 $46,400 $14,600 $11,200 13,700 9,200 $ 28,300 $20,400 $90,000 $ 66,800 $ 13,200 $7,200 7.200 5,208 $ 20,400 $ 12,400 22,400 20,700 $42,500 $33,100 $ 21,100 5 21,100 26,100 12,600 $47,200 $13,700 590,000 $66,800 Calculate the asset turnover ratio. (Enter your response as a decimal rounded to 2 places.) LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 Gross sales Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative Research Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes Net income 2020 $19,400 2019 $15,300 800 100 $18,600 $15,200 11,9 $6,700 8,900 $6,300 740 628 2,500 2,200 598 528 400 320 $ 4,230 $2,478 600 $3,668 $ 2,640 520 $ 1,870 748 $2,120 848 $ 1,122 $1,272 LOGIC COMPANY Comparative Balance Sheet December 31, 2019 and 2020 Assets 2020 2019 Current assets: Cash Accounts receivable Merchandise inventory Prepaid expenses Total current assets Plant and equipment: Building (net) Land Total plant and equipment Total assets Current liabilities Accounts payable Salaries payable Liabilities Total current liabilities Long-term liabilities: Mortgage note payable Total liabilities Common stock Stockholders' Equity Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $12,100 $9,300 16,700 12,700 8,700 14,200 24,200 10,200 $61,700 $46,400 $14,600 $11,200 13,700 9,200 $ 28,300 $20,400 $90,000 $ 66,800 $ 13,200 $7,200 7.200 5,208 $ 20,400 $ 12,400 22,400 20,700 $42,500 $33,100 $ 21,100 5 21,100 26,100 12,600 $47,200 $13,700 590,000 $66,800

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