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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 Short Term investments Accounts receivable Inventory Prepaid insurance. Long-term investments Equipment (net) Land Goodwill Total assets. $ 18,000 25,000 38,000 61,000 6,000 49,000 130,000 33,000 55,000 $ 415,000 $ 22,000 -0- 42,000 52,000 9,000 20,000 130,000 33,000 55,000 $363,000 Net income. Sales (all on credit) Cost of goods sold.. Interest expense..... Income tax expense. Tax rate = 28% $ 62,250 305,000 123,000. 15,600 17,450 Instructions From the above information, calculate the following ratios for2020, rounding to 1 decimal place (2 marks each): Ratio Amount 1.Inventory turnover 2.Accounts receivable turnover 3. Return on assets ratio 4.Gross profit percentage ratio
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