coE Bed on the comparative income statement and balance sheet of Cowan then Counters, Inc, that follow Analysis of Actvity Measures Cowan Kitchen Counters, Inc. For Years Ended December 31, 20-2 and 20-1 20-2 Comparative Income Statement 20-1 $2,163,000 A,636,800 $546,200 221,800 Net Sales (al on account) $2.584,000 Cost of goods sold Gross profit Operating expenses other expense (interest) Income tax expense L86 200 $715,800 315,200 24,200 176,800 $199,600 24,200 106,300 $193,900 Net income Cowan Kitchen Counters, Inc Comparative Balance Sheet December 31, 20-2 and 20-1 20-2 20-1 Tabr $255,400 $243,200 Cash 250,000 lGovernment notes 250,000 Accounts receivable (net) Merchandise inventory 903,500 797,500 Caps Lock 913.600 983,600 143,200 47,500 Supplies and prepayments Land Building (net) office equipment (net) 108.200 108,200 Shint 390,600 15,000 330,000 17,700 $2,765,600 $2,991,600 Total assets Chri $532,000 $703.000 Current labileies (accounts payable) 240,000 220,000 Bonds payable $772,000 $923,000 Total iabilities Common stock ($10 par, 180,000 shares) $1,800,000 Retained earnings $1,800,000 193,6004 268.600 $1.993,600 $2,068,600 $2.991600 Total stockholders equity $2,765,600 Total labilities and stockholders equty Page 2 of 2 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 b. Merchandse inventory turnover days days to 1 c. Asset turnover Occouns Rec eiudle "Tumouer 254000 C403 00 70766)19 Y sales ar accoun au erage accourts Peceioatle Cne)