Internet Marketing Inc. (IMI), which has been operating for three years, provides marketing consulting services worldwide for online companies. You are a financial analyst assigned to report on the effectiveness of IMI's management team at managing its assets. At the start of 2020 (its fourth year), IMI's T-account balances were as follows. Amounts are in thousands of dollars. Assets: Cash 3,200 Accounts Receivable 8,000 Long-Term Investments 6,400 Liabilities: Accounts Payable Deferred Revenue Long-Term Debt 2,400 5,600 1,600 Shareholders' Equity: Contributed Capital Retained Earnings 4,800 3,200 Revenue: Consulting Fee Revenue Investment Income Expense: Wages Expense Travel Expense Utilities Expense Rent Expense Required: 1. Using the data from these T-accounts, complete the accounting equation on January 1, 2020. Assets = Liabilities + Shareholders' Equity 2. Enter the following 2020 transactions in the T-accounts (Enter zero for entries with no beginning balance): a. Provided $58,000 in services to clients; received $48,000 in cash and the rest on account. b. Received $5,600 cash from clients on account. c. Received $400 in cash as income on investments. d. Paid $36,000 for wages, $12,000 for travel, $7,600 in rent, and $1,600 on accounts payable. e. Received $1,600 in cash from clients in advance of services that IMI will provide next year. f. Received a utility bill for $800 for services used in 2020. g. Paid $480 in dividends to shareholders. Cash Beg. bal. Accounts Receivable Beg. bal. Phal End. bal. Long-Term Investments Accounts Payable Beg. bal. Beg. bal. End. bal. End. bal. Deferred Revenue Long-Term Debt Beg. bal. Beg. bal. End. bal. End. bal. Contributed Capital Retained Earnings Beg. bal. Beg. bal. End. bal. End. bal. Consulting Fee Revenue Investment Income Beg. bal. Beg. bal. Wages Expense Beg. bal. End. bal. End. bal. Travel Expense Beg. bal. End. bal. Utilities Expense Rent Expense Beg. bal. Beg. bal. End. bal. End. bal. End. bal. 3. Compute ending balances in the T-accounts to determine the missing amounts on December 31, 2020: Revenues Expenses = Net earnings Assets = Liabilities + Shareholders' Equity 4. Calculate the total asset turnover ratio for 2020. (Enter your answers in numbers and not in percentages. Round the final answer to 2 decimal places.) Total asset turnover ratio