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Internet Marketing Inc. (IMI), which has been operating for three years, provides marketing consulting services worldwide for online companies. You are a financial analyst assigned to report on the effectiveness of IMI's management team at managing its assets. At the start of 2020 (its fourth year), IMl's T-account balances were as follows. Amounts are in thousands of dollars. Assets: Required: 1. Using the data from these T-accounts, complete the accounting equation on January 1, 2020. 2. Enter the following 2020 transactions in the T-accounts (Enter zero for entries with no beginning balance): a. Provided $58,000 in services to clients; received $48,000 in cash and the rest on account. b. Received $5,600 cash from clients on account. c. Received $400 in cash as income on investments. d. Paid $36,000 for wages, $12,000 for travel, $7,600 in rent, and $1,600 on accounts payable. e. Received $1,600 in cash from clients in advance of services that IMI will provide next year. f. Received a utility bill for $800 for services used in 2020 . g. Paid $480 in dividends to shareholders. 3. Compute ending balances in the T-accounts to determine the missing amounts on December 31, 2020: 4. Calculate the total asset turnover ratio for 2020. (Enter your answers in numbers and not in percentages. Round the final answe to 2 decimal places.)

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