Step income statement Summary operating data for Custom Wire & Tubing Company during the year ended April 30, 2018, are as follows: cost of goods sold, $297,300; administrative expenses, $36,300; interest expense, $22,000; rent revenue, $72,600; sales, $471,900; and selling expenses, $54,500. Prepare a single-step income statement. Custom Wire & Tubing Company Income Statement For the Year Ended April 30, 2018 Revenues: Total revenues Expenses: Total expenses 00 ADM video and then answer the questions below. 1. The asset turnover ratio is measured by which of the following formulas? a. Sales divided by average total assets b. Sales divided by total assets c. Sales divided by average current assets d. Sales divided by current assets 2. The following information was taken from the financial statements of Lea Corporation for December 31, Year 2 and Year 1: Total sales Total assets: Beginning of year End of year Year 2 Year 1 $5,000,000 $3,500,000 450,000 565,000 600,000 450,000 Determine the asset turnover ratio for Year 2 and Year 1. a. Year 2, 9.52; Year 1, 6.90 b. Year 2, 8.33; Year 1, 7.77 c. Year 2, 11.11; Year 1, 6.19 d. None of these choices are correct