Bobs Bagels Ltd.						Bobs Bagels Ltd.
Statement of financial position						Statement of income
As at December 31, 2020						For the year ending December 31, 2020
		2020		2019				2020		2019
Cash		$15,000		$8,000		Sales revenue		$40,000		$35,000
Accounts receivable		5,000		6,000		Cost of goods sold		10,000		9,000
Inventory		4,000		5,000		Gross profit		30,000		26,000
Prepaid expenses		1,000		2,000		Operating expenses		7,000		6,000
Current assets		25,000		21,000		Depreciation		2,000		2,000
Property, plant and equipment (net)		24,000		26,000		Interest		1,000		2,000
Total assets		$49,000		$47,000		Income before
						taxes		20,000		16,000
						Income taxes		10,000		8,000
Bank demand loan		1,000		2,000		Net Income		10,000		8,000
Accounts payable		2,000		3,000
Current portion, long-term debt		1,000		2,000		Net Income		$10,000		$8,000
Current liabilities		4,000		7,000		DividendPreferred		1,000		1,000
						DividendsCommon		2,000		1,000
						Increase in retained earnings		$7,000		$6,000
Long term debt		10,000		12,000
Preferred shares***		10,000		10,000
Common shares****		1,000		1,000
Retained earnings		24,000		17,000
Shareholders equity		35,000		28,000
Total debt and shareholders equity		$49,000		$47,000

***There are 1,000 preferred shares outstanding. Each share earns a $1 dividend per year. ****There are 1,000 common shares outstanding. Assuming that 80% of the recorded sales were credit sales, what was Bob's accounts receivable turnover during 2020?