ANALYSIS OF ACTIVITY MEASURES Based on the financial statement data in Exercise 24-1B, compute the following activity measures for 20-2 (round all calculations to two decimal places):

(a) Accounts receivable turnover

(b) Merchandise inventory turnover

(c) Assetturnover

Falcon Designers, Inc. Comparative Income Statement For Years Ended December 31, 20-2 and 20-1 20-1 20-2 $1,850,800 1,150,400 $ 700,400 180,300 18,200 160,600 $ 341,300 $1,532,600 1,010,500 $ 522,100 156,600 Net sales (on account) Cost of goods sold Gross profit Operating expenses Other expenses (interest) Income tax expense 18,200 107,600 $239,700 Net income Falcon Designers, Inc. Comparative Balance Sheet December 31, 20-2 and 20-1 20-2 $ 95,500 200,000 639,300 634,900 39,600 20-1 79,700 2$ Cash Government notes 200,000 570,600 639,500 29,900 78,400 Accounts receivable (net) Merchandise inventory Supplies and prepayments Land 81,900 Building (net) Office equipment (net) Total assets 227,500 10,400 $1,929,100 289,300 10,800 $1,898,200 Current liabilities (accounts payable) Bonds payable Total liabilities $ 416,000 150,000 $ 566,000 $ 394,500 150,000 $ 544,500 Common stock ($10 par, 125,000 shares) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $1,250,000 113,100 $1,363,100 $1,929,100 $1,250,000 103,700 $1,353,700 $1,898,200