Ramirez Company is completing the information processing cycle at its fiscal year-end on December 31. Following are the correct balances at December 31 for the accounts both before and after the adjusting entries.

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Ramirez Company is completing the information processing cycle at its fiscal year-end on December 31. Following are the correct balances at December 31 for the accounts both before and after the adjusting entries.

Trial Balance, December 31 of the Current Year
		Before Adjusting Entries				After Adjusting Entries
	Items		Debit		Credit		Debit		Credit
a.	Cash	$	13,100			$	13,100
b.	Accounts receivable						500
c.	Prepaid insurance		600				400
d.	Equipment		168,580				168,580
e.	Accumulated depreciation, equipment			$	41,500			$	46,500
f.	Income taxes payable								1,970
g.	Common stock and additional paid-in capital				111,000				111,000
h.	Retained earnings, January 1				11,860				11,860
i.	Service revenue				73,200				73,700
j.	Salary expense		55,280				55,280
k.	Depreciation expense						5,000
l.	Insurance expense						200
m.	Income tax expense						1,970
		$	237,560	$	237,560	$	245,030	$	245,030
4. Compute the total asset turnover ratio, assuming total assets at the beginning of the year were $110,300. If the industry average is $0.52. (Round your answer to 3 decimal places.)