Achieve's Companies, a home improvement store chain, reported the following summarized figures: E (Click the icon to view the income statement.) (Click the icon to view the balance sheets.) Achieve's has 400,000 common shares outstanding during 2016 Requirements 1. Compute the inventory turnover, days' sales in inventory, and gross profit percentage for Achieve's Companies for 2016 2. Compute days' sales in receivables during 2016. Round dollar amounts to three decimal places. Assume all sales were on account. 3. 3. What do these ratios say about Achieve's Companies' ability to sell inventory and collect receivables? i Data Table x Data Table Achieve's Companies Income Statement Years Ended May 31, 2016 and 2015 2016 2015 Cash Achieve's Companies Balance Sheet May 31, 2016 and 2015 Assets Liabilities 2016 2015 2016 2015 $ 2,300,000 $ 1,700,000 Total Current Liabilities $ 28,000,000 $ 12,800,000 28,000,000 12,600,000 11,000,000 Long-term Liabilities 10,700,000 7,600,000 5,700,000 Total Liabilities 40,600,000 23,500,000 7,200,000 5,900,000 Stockholders' Equity 11,000,000 2,300,000 Common Stock 13,000,000 13,000,000 56,100,000 26,600,000 Retained Earnings 35,500,000 13,100,000 33,000,000 23,000,000 Total Equity 48,500,000 26,100,000 $ 89,100,000 S 49,600,000 Total Liabilities and Equity $ 89,100,000 $ 49,600,000 Net Sales Cost of Goods Sold Interest Expense All Other Expenses Short-term Investments Accounts Receivable Merchandise Inventory Other Current Assets Total Current Assets $ 49,200,000 $ 38,800,000 22,500,000 24,900,000 300,000 280,000 6,700,000 7,800,000 $ 19,700,000 $ 5,820,000 Net Income Print Done All Other Assets Total Assets Print Done