ASSETS Joe's Fish Hut Balance Sheet As at July 31 2020 2019 Current Assets Cash $155,108 $62,700 Accounts receivable $20,000 $13,200 Merchandise Inventory $24,100 $25,200 Total Current Assets $199,208 $101,100 Property, plant & equipment $142,000 $172,000 Less: Accumulated depreciation $-25,300 $-22,300 TOTAL ASSETS $315,908 $250,800 LIABILITIES AND EQUITY Liabilities Current Liabilities Accounts payable $26,200 $39,400 Notes Payable - Current Portion $8,800 $8,800 Total Current Liabilities $35,000 $48,200 Matern- Notes Payable - Long-Term Portion $87,000 $54,000 TOTAL LIABILITIES $122,000 $102,200 Shareholders' Equity Common shares $82,000 $57,700 Retained earnings $111,908 $90,900 TOTAL SHAREHOLDERS' EQUITY $193,908 $148,600 TOTAL LIABILITIES AND EQUITY $315,908 $250,800 Joe's Fish Hut Income Statement For the Year Ended July 31, 2020 Sales $130,000 COGS $81,000 Gross Profit $49,000 Operating Expenses Insurance Expense $1,560 Rent Expense $4,960 Salaries Expense $5,340 Telephone Expense $620 Interest Expense $1,200 Interest Expense $1,200 Depreciation Expense $3,000 Total Operating Expenses $16,680 Operating Profit Before Tax $32,320 Income Tax Expense $11,312 Net Profit (Loss) $21,008 Complete the following ratio analysis. Do not enter dollar signs or commas in the input boxes. Round all answers to 2 decimal places. a) Calculate the days sales outstanding ratio for 2020. Assume all sales are credit sales. Days sales outstanding: days b) Calculate the accounts receivable turnover for 2020. Assume all sales are credit sales Accounts Receivable turnover: times c) Calculate the days' sales in inventory ratio for 2020. Days' Sales in Inventory: days a) Calculate the days sales outstanding ratio for 2020. Assume all sales are credit sales. Days sales outstanding: days b) Calculate the accounts receivable turnover for 2020. Assume all sales are credit sales Accounts Receivable turnover: times c) Calculate the days' sales in inventory ratio for 2020. Days' Sales in Inventory: days d) Calculate the inventory turnover for 2020. Inventory turnover: times