18. John's Luggage is a store for people who travel with only the highest quality luggage and travel accessories. Last year its net sales totalled $120,500. The cost value of the items sold was $72,300. Taxes for the year were $7,680. The only expenses that the operation had were (1) rent for $200, (2) salaries to the owner and one part-time assistant for $22,000, (3) administrative expenses of $200, and (4) utilities at $1,300. Calculate the net profit percentage for John's Luggage: A. 14 percent B. 24.7 percent C. 40 percent D. 60.2 percent E. 20.3 percent 19. What can be converted into cash within one year? A. current assets B. notes receivable C. accrued liabilities D. fixed assets E. retained earnings