nat Tools Table Window Help a FIN322Assignment Winterto ces Mailings Review View aBbCcDdEe AaBbCeDdF AaBbC Emphasis Heading 1 Norm Precision Tool 2009 Income Statement Net sales Less: Cost of goods sold Less: Depreciation Earnings before interest and taxes Less: Interest paid Taxable Income Less: Taxes Net income $36,408 28,225 1,760 6,423 $5,913 2,070 $3,843 Precision Tool 2008 and 2009 Balance Sheets 2008 2009 $2,060 $1,003 Accounts payable 2008 2009 $7,250 $8,384 Cash Accounts rec. Inventory Total Net fixed assets _141604,080 Total assets 38,407 $41.209 Total liab & equity $38.407 $41.209 3,411 4,218 Long-term debt 18.776 21,908 Common stock 24,247 $27,129 Retained earning 6.357 3.825 9,800 11,500 15,000 17,500 Use the information in the income statement and balance sheet to answer the following questions What is the net working capital to total assets ratio for 2009? a) b) How many days on average does it take Precision Tool to sell its inventory? (Use 2009 values)