The income statement for the year ended December 31, 20X6, for Total Inc. contains the following information: Total Inc. Income Statement Year Ended December 31, 20X6 Sale $50,000 Cost of goods sold $30,000 Gross Profit $20,000 Operating Expenses $15,000 Profit from Operations $ 5,000 Income Tax Expense $ 3,000 Profit $ 2,000 Total Inc. comparative balance sheet at December 31 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation - equipment Total Assets Account Payable Long-term Notes Payable Common shares Retained Earnings Total Liabilities & Shareholders' Equity 20X6 20X5 $ 1,200 $ 1,000 $ 300 $ 1,500 $ 5,000 $ 3,000 $12,000 $ 8,000 $(4,000) $(2,000) $11,500 $14,500 $ 1,000 $ 2,000 $10,000 $ 1,500 $14,500 $ 3,500 $ - $ 8,000 $ $11,500 Additional Information: 1. Operating expenses include depreciation expense of $2,500 2. Accounts Payable related to the purchase of inventory 3. Equipment that cost $2,000 was sold for $1,500 cash 4. New equipment was purchased during the year for $5,000 5. Common shares were sold for $2,000 cash Round answers to fit 2 decimal places in all questions (in % questions a 0.12 is presented as 12%, so a 0.124 is rounded as 12% and 0.127 is rounded as 13%) The accounts receivable turnover at December 20X6 was: