XYZ, Inc.'s latest Income Statement, Balance Sheet, and Statement of Cash Flows are shown here. Use...

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XYZ, Inc.'s latest Income Statement, Balance Sheet, and Statement of Cash Flows are shown here. Use this information to answer the following question. Income Statement $19,580 7.319 $12,261 Sales Revenue Cost of Goods Sold Gross Margin Wage Expense SGGA Depreciation Expense $ 900 4,336 662 5.898 $6,363 Income from Operations Other Income/Expenses Interest Expense Gain on Sale of Land $(750) 119 Pretax Income Income tax Net Income (631) $5,732 1.605 $4.127 Balance Sheet 12/31/20x2 12/31/20x1 Assets Current Assets: Cash Accounts Receivable Inventory Prepaid SGA Total Land Property, Plant & Equipment Accumulated Depreciation Total Assets $2,098 4,570 4,752 877 $12,297 $410 4,900 4,500 908 $10,718 4,000 11,000 (5,200) $20.518 11,000 (5,862) $17.435 Liabilities and Equity Current Liabilities: Accounts Payable Wages Payable Dividends Payable Total Long-Term Debt Equity: Common Stock Retained Earnings Total Liabilities and Equity $ 4,651 2,984 100 $7,735 1,346 $5,140 2,890 100 $8,130 7,388 4,000 4,354 $17.435 4,000 1.000 $20,518 Cash Flow Statement Cash Flow from Operations Net Income Decrease in Accounts Receivable Decrease in Accounts Payable Increase in Inventory Increase in Wages Payable Increase in Prepaid SGA Depreciation Gain on Sale of Land Net Cash from Operations $4,127 330 (489) (252) 94 31 662 (119) $4,384 Cash Flow from Investments Sale of Land Net Cash from Investments $4.119 4,119 Cash Flow from Financing Retirement of LT Debt Dividends Paid Net Cash from Financing $(6,042) 1773) (6,815) Net Increase in Cash Beginning Cash Ending Cash $1,688 410 $2.098 What was the Average Fixed Asset Turnover for Year 2? XYZ, Inc.'s latest Income Statement, Balance Sheet, and Statement of Cash Flows are shown here. Use this information to answer the following question. Income Statement $19,580 7.319 $12,261 Sales Revenue Cost of Goods Sold Gross Margin Wage Expense SGGA Depreciation Expense $ 900 4,336 662 5.898 $6,363 Income from Operations Other Income/Expenses Interest Expense Gain on Sale of Land $(750) 119 Pretax Income Income tax Net Income (631) $5,732 1.605 $4.127 Balance Sheet 12/31/20x2 12/31/20x1 Assets Current Assets: Cash Accounts Receivable Inventory Prepaid SGA Total Land Property, Plant & Equipment Accumulated Depreciation Total Assets $2,098 4,570 4,752 877 $12,297 $410 4,900 4,500 908 $10,718 4,000 11,000 (5,200) $20.518 11,000 (5,862) $17.435 Liabilities and Equity Current Liabilities: Accounts Payable Wages Payable Dividends Payable Total Long-Term Debt Equity: Common Stock Retained Earnings Total Liabilities and Equity $ 4,651 2,984 100 $7,735 1,346 $5,140 2,890 100 $8,130 7,388 4,000 4,354 $17.435 4,000 1.000 $20,518 Cash Flow Statement Cash Flow from Operations Net Income Decrease in Accounts Receivable Decrease in Accounts Payable Increase in Inventory Increase in Wages Payable Increase in Prepaid SGA Depreciation Gain on Sale of Land Net Cash from Operations $4,127 330 (489) (252) 94 31 662 (119) $4,384 Cash Flow from Investments Sale of Land Net Cash from Investments $4.119 4,119 Cash Flow from Financing Retirement of LT Debt Dividends Paid Net Cash from Financing $(6,042) 1773) (6,815) Net Increase in Cash Beginning Cash Ending Cash $1,688 410 $2.098 What was the Average Fixed Asset Turnover for Year 2?

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