Following Select Information Is Taken from Mercury Corp Instructions
from the Above Information, to One Decimal, Calculate the Financial

question 3

Essay

following select information is taken from Mercury Corp.'s statements of financial position at December 31, 2019 and 2020, and their income statement for calendar 2020: $\begin{array}{llr}&2020&2019\\ \text { Accounts receivable } &570,000&480,000\\ \text { Inventory } &195,000&217,500\\ \text {Total assets } &\$2,700,000&\$2,475,000\\\\ \text {Net income } &\$315,000\\ \text { Net Sales (all on credit).} &2,700,000\\ \text {Cost of goods sold. } &1,050,000\\\end{array}$
Instructions
From the above information, to one decimal, calculate the following for 2020:
a) Inventory turnover
b) Receivables turnover
c) Asset turnover

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