Analysis of Activity Measures

Based on the comparative income statement and balance sheet of Cowan Kitchen Counters, Inc., that follow:

Cowan Kitchen Counters, Inc. Comparative Income Statement For Years Ended December 31, 20-2 and 20-1
	20-2		20-1
Net Sales (all on account)		$2,598,100		$2,161,300
Cost of goods sold		1,876,100		1,625,200
Gross profit		$722,000		$ 536,100
Operating expenses		318,900		227,300
Other expense (interest)		24,200		24,200
Income tax expense		173,500		108,000
Net income		$205,400		$176,600

Cowan Kitchen Counters, Inc. Comparative Balance Sheet December 31, 20-2 and 20-1
	20-2		20-1
Cash		$256,400		$245,300
Government notes		248,800		248,800
Accounts receivable (net)		902,400		795,900
Merchandise inventory		989,600		913,100
Supplies and prepayments		145,300		46,200
Land		108,600		108,600
Building (net)		328,000		386,600
Office equipment (net)		17,700		14,100
Total assets		$2,996,800		$2,758,600
Current liabilities (accounts payable)		$706,400		$530,700
Bonds payable		220,000		240,000
Total liabilities		$926,400		$770,700
Common stock (10 par, 180,000 shares)		$1,800,000		$1,800,000
Retained earnings		270,400		187,900
Total stockholders' equity		$2,070,400		$1,987,900
Total liabilities and stockholders' equity		$2,996,800		$2,758,600

Compute the following activity measures for 20-2 (round all calculations to two decimal places): Use 365 days when computing the accounts receivable and merchandise inventory turnover.

a. Accounts receivable turnover		days
b. Merchandise inventory turnover		days
c. Asset turnover		to 1