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P$4-6($Algo$)$ Inferring Year$-$End Adjustments, Computing Earnings per Share and Total Asset Turnover, and Recording Closing Entries L$04-1,4-3,4-4$

$[$The following information applies to the questions displayed below.$]$

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

P$4-6$ Part $4$

$4.$ Compute the total asset turnover ratio, assuming total assets at the beginning of the year were $$111,900.$ Note: Round your answer to $2$ decimal places.

P$4-6($Algo$)$ Inferring Year$-$End Adjustments, Computing Earnings per Share and Total Asset Turnover, and Recording Closing Entries LO$4-1,4-3,4-4$

$[$The following information applies to the questions displayed below.$]$

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.

$\backslash$table$[[$TRIAL BALANCE,$\backslash$table$[[$MBER $310],[$Before Ad$],[$Entr$]],\backslash$table$[[$THE CURRE$],[$justing$],[$es$]],\backslash$table$[[$VT YEAR$],[$Adj$$stments$]],\backslash$table$[[$After Adjusting$],[$Entries$]]],[$Debit$,$Credit,Debit Credit,Debit,Credit$],[$a$.$ Cash,$13,700,,,13,700,],[$b$.$ Accounts receivable,,,,$\backslash$table$[[480],[560]],],[\backslash$table$[[$c$.$ Prepaid insurance$],[$d$.$ Equipment$]],\backslash$table$[[840],[168\mathrm{.}580]],,,\backslash$table$[[560],[168,580]],],[\backslash$table$[[$d$.$ Equipment$],[$e$.$ Accumulated depreciation, equipment$]],,40,300,,,45,800],[$f$.$ Income taxes payable,,,,,$1,560],[$g$.$ Common stock and additional paid$-$in capital,,$105,000,,,105,000],[$h$.$ Retained earnings, January $1,,18,600,,,18,600],[$i$.$ Service revenue,,$73,900,,,74,380],[$j$.$ Salary expense,$54,680,,,54,680,],[$k$.$ Depreciation expense,,,,$5,500,],[1.$ Insurance expense,,,,$280,],[$m$.$ Income tax expense,,,,$1,560,],[,237,800,237,800,,245,340,245,340]]$

P$4-6$ Part $4$

$4.$ Compute the total asset turnover ratio, assuming total assets at the beginning of the year were $$111,900.$

Note: Round your answer to $2$ decimal places.