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. a. Cash b. Accounts receivable Items c. Prepaid insurance d. Equipment e. Accumulated depreciation, equipment f. Income taxes payable g. Common stock and additional paid-in capital h. Retained earnings, January 1 i. Service revenue j. Salary expense k. Depreciation expense 1. Insurance expense m. Income tax expense TRIAL BALANCE, DECEMBER 31 OF THE CURRENT YEAR Before Adjusting Entries Adjustments After Adjusting Entries Debit Credit Debit Crodit Dobit Condit 13,500 13,500 850 168,280 720 Please wait... 42,100 48,100 1.155 112,000. 19,600 64,400 112,000 55,470 238,100 238,100 19,600 66,220 55,470 6,000 130 1,155 247,075 247,075 4. Compute the total asset turnover ratio, assuming total assets at the beginning of the year were $110,000. Note: Round your answer to 2 decimal places.