Balance sheets Excel's Companies Balance Sheet May 31, 2024 and 2023 Liabilities Assets 2024 2023 2024 2023 Cash 2,500 $ 13,300 10,400 Short-term Investments 29,000 23,700 7,400 7,300 9,000 Accounts Receivable Merchandise Inventory Other Current Assets Total Current Assets All Other Assets Total Assets 1.600 Total Current Liabilities $ 22,000 $ 13,400 12,000 Long-term Liabilities 5,700 Total Liabilities 35,400 7,500 Stockholders' Equity 1,800 Common Stock 11,000 41,800 28,600 Retained Earnings 25,000 Total Equity 52,800 53,600 88,200 $ Total Liabilities and Equity 11,000 18,900 55,200 33,000 29,900 $ 88,200 $ 53,600 Print Done Excel's Companies Income Statement Years Ended May 31, 2024 and 2023 2024 2023 $ 41,600 49,200 $ 27.700 29,300 Net Sales Revenue Cost of Goods Sold Interest Expense All Other Expenses 300 6,200 140 8,400 $ 15,000 $ 3,760 Net Income Clear all Check answer NoDoc Air Excel's Companies, a home improvement store chain, reported the following summarized figu (Click the icon to view the income statement.) (Click the icon to view the bala Excel's has 50,000 common shares outstanding during 2024. Read the requirements Requirement 1. Compute the inventory turnover, days' sales in inventory, and gross profit per Compute the inventory turnover. (Round your answer to two decimal places, X.XX.) The inventory turnover 365 days + Accounts receivable turnover ratio - Requirements 1. Compute the inventory turnover, days' sales in inventory, and gross profit percentage for Excel's Companies for 2024. 2. Compute days' sales in receivables during 2024. Round intermediate calculations to three decimal places. Assume all sales were on account 3. What do these ratios say about Excel's Companies' ability to sell inventory and collect receivables? Print Done