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The following select information is taken from Mercury Corp.'s statements of financial position at December 31, 2019 and 2020, and their income statement for
The following select information is taken from Mercury Corp.'s statements of financial position at December 31, 2019 and 2020, and their income statement for calendar 2020 Accounts receivable 2019 480,000 2020 570,000 195,000 $2,700,000 217,500 $2,475,000 $315,000 2,700,000 1,050,000 Net income Inventory Total assets Net Sales (all on credit) Cost of goods sold Instructions From the above information, to one decimal, calculate the following for 2020 Inventory turnover a) b) Receivables turnover Asset turnover
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