Drill Problem $16-11($Static$)[$LU $16-3(2)]$

LOGIC COMPANYComparative Income StatementFor Years Ended December $31,2022$ and $202320232022$Gross sales$ $19,000$$ $15,000$Sales returns and allowances$1,000100$Net sales$ $18,000$$ $14,900$Cost of merchandise $($goods$)$ sold$12,0009,000$Gross profit$ $6,000$$ $5,900$Operating expenses:$$Depreciation$ $700$$ $600$Selling and administrative$2,2002,000$Research$550500$Miscellaneous$360300$Total operating expenses$ $3,810$$ $3,400$Income before interest and taxes$ $2,190$$ $2,500$Interest expense$560500$Income before taxes$ $1,630$$ $2,000$Provision for taxes$640800$Net income$ $990$$ $1,200$

LOGIC COMPANYComparative Balance SheetDecember $31,2022$ and $202320232022$Assets$$Current assets:$$Cash$ $12,000$$ $9,000$Accounts receivable$16,50012,500$Merchandise inventory$8,50014,000$Prepaid expenses$24,00010,000$Total current assets$ $61,000$$ $45,500$Plant and equipment:$$Building $($net$)$$ $14,500$$ $11,000$Land$13,5009,000$Total plant and equipment$ $28,000$$ $20,000$Total assets$ $89,000$$ $65,500$Liabilities$$Current liabilities:$$Accounts payable$ $13,000$$ $7,000$Salaries payable$7,0005,000$Total current liabilities$ $20,000$$ $12,000$Long$-$term liabilities:$$Mortgage note payable$22,00020,500$Total liabilities$ $42,000$$ $32,500$Stockholders$$ Equity$$Common stock$ $21,000$$ $21,000$Retained earnings$26,00012,000$Total stockholders$$ equity$ $47,000$$ $33,000$Total liabilities and stockholders$$ equity$ $89,000$$ $65,500$

Calculate the asset turnover ratio.

Note: Enter your response as a decimal rounded to $2$ places.