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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 6,423 510 $5,913 2,070 $3,843 Precision Tool 2008 and 2009 Balance Sheets Cash Accounts rec. Inventory Total Net fixed assets Total assets 2008 2009 $2,060 $1,003 3,411 4,218 18,776 21,908 $24,247 $27,129 14,160 14,080 $38,407 $41,209 Accounts payable Long-term debt Common stock Retained earning 2008 $7,250 9,800 15,000 6,357 2009 $8,384 11,500 17,500 3,825 Total liab & equity $38,407 $41,209 Use the information in the income statement and balance sheet to answer the following questions a) What is the net working capital to total assets ratio for 2009? b) How many days on average does it take Precision Tool to sell its inventory? (Use 2009 values)