Analysis of Activity Measures

Based on the comparative income statement and balance sheet of Cowan Kitchen Counters, Inc., that follow:

Cowan Kitchen Counters, Inc. Comparative Income Statement For Years Ended December 31, 20-2 and 20-1
	20-2		20-1
Net Sales (all on account)		$2,561,700		$2,164,000
Cost of goods sold		1,885,500		1,628,500
Gross profit		$676,200		$ 535,500
Operating expenses		317,500		226,000
Other expense (interest)		24,200		24,200
Income tax expense		176,400		106,500
Net income		$158,100		$178,800

Cowan Kitchen Counters, Inc. Comparative Balance Sheet December 31, 20-2 and 20-1
	20-2		20-1
Cash		$261,600		$243,900
Government notes		245,200		245,200
Accounts receivable (net)		905,400		797,700
Merchandise inventory		983,200		908,300
Supplies and prepayments		141,500		47,300
Land		110,700		110,700
Building (net)		328,100		386,800
Office equipment (net)		17,700		15,800
Total assets		$2,993,400		$2,755,700
Current liabilities (accounts payable)		$701,900		$534,400
Bonds payable		220,000		240,000
Total liabilities		$921,900		$774,400
Common stock (10 par, 180,000 shares)		$1,800,000		$1,800,000
Retained earnings		271,500		181,300
Total stockholders' equity		$2,071,500		$1,981,300
Total liabilities and stockholders' equity		$2,993,400		$2,755,700

Compute the following activity measures for 20-2 (round all calculations to two decimal places): Use 365 days when computing the accounts receivable and merchandise inventory turnover.

a. Accounts receivable turnover		days
b. Merchandise inventory turnover		days
c. Asset turnover		to 1