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The following select information is taken from Blueberry Pie Corp.'s statements of financial position at December 31, 2019 and 2020, and their income statement for
The following select information is taken from Blueberry Pie Corp.'s statements of financial position at December 31, 2019 and 2020, and their income statement for calendar 2020: 2020 2019 Assets: Cash $ 18,000 $ 22,000 Short Term investments. 25,000 -0- Accounts receivable 38,000 42,000 Inventory 61,000 52,000 Prepaid insurance 6,000 9,000 Long-term investments 49,000 20.000 Equipment (net) 130,000 130,000 Land 33,000 33.000 Goodwill 55.000 55.000 Total assets. $ 415,000 $363,000 Net income $ 62,250 Sales (all on credit) 305,000 Cost of goods sold. 123,000 Interest expense. 15,600 Income tax expense. 17,450 Tax rate = 28% Instructions From the above information calculate the following ratios for2020, rounding to 1 decimal place (2 marks each): Ratio Amount 1. Inventory tumover 2. Accounts receivable turnover 3. Retun on assets ratio 4.Gross profit percentage ratio
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