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 $2,167,800 1,625,400 Net Sales (all on account) Cost of goods sold Gross profit Operating expenses Other expense (interest) $2,598,400 1,876,800 $721,600 318,600 24,200 175,800 $203,000 $ 542,400 220,900 24,200 108,200 $189,100 Income tax expense Net income Cowan Kitchen Counters, Inc. Comparative Balance Sheet December 31, 20-2 and 20-1 20-2 20-1 Cash Government notes $261,600 250,900 907,400 979,300 147,800 $246,400 250,900 796,000 905,700 47,200 Accounts receivable (net) Merchandise inventory Supplies and prepayments eBook Show Me How Supplies and prepayments Land Building (net) omce equipment (net) Total assets 147,800 108,300 329,000 10,000 $3,002,000 47,200 108,300 337,700 15,000 12,257,200 Current liabilities (accounts payable) Bonds payable Total liabilities $696,600 220,000 $916,600 $536,600 240,000 5776,600 Common stock (10 par, 180,000 shares) $1,800,000 $1,800,000 Retained earnings 286,300 180,600 Total stockholders' equity $2,056,300 $1,980,600 Totat liabilities and stockholders' equity $3,002,900 $2,757,200 Compute the following activity measures for 20-2 (round all calculations to two decimal places): Use 365 days when computing the accounts receivable and purchandise inventory turnover a. Accounts receivable turnover 3.30 x days b. Merchandise inventory turnover 185.28 X days C. Asset turnover 0.92 X to 1 Feedback Check My Work Incorrect