The balance sheet and income statement shown below are for Koski Inc. Note that the firm has no amortization charges, it does no
t lease any assets, none of its debt must be retired during the next 5 years, and the notes payable will be rolled over. Balance Sheet (Millions of $) Assets 2019 Cash and securities $4,200 Accounts receivable 17,500 Inventories 20,300 Total current assets $42,000 Net plant and equipment $28,000 Total assets $70,000 Liabilities and Equity Accounts payable $27,531 Accruals 12,369 Notes payable 5,000 Total current liabilities $44,900 Long-term bonds $9,000 Total liabilities $53,900 Common stock $3,864 Retained earnings 12,236 Total common equity $16,100 Total liabilities and equity $70,000 Income Statement (Millions of $) 2019 Net sales $112,000 Operating costs except depreciation 104,160 Depreciation 2,240 Earnings before interest and taxes (EBIT) $5,600 Less interest 840 Earnings before taxes (EBT) $4,760 Taxes 1,190 Net income $3,570 Other data: Shares outstanding (millions) 500.00 Common dividends (millions of $) $1249.50 Int rate on notes payable & L-T bonds 6% Federal plus state income tax rate 25% Year-end stock price $68.54
What is the firm's total assets turnover? Do not round your intermediate calculations.
