Compute for the: Receivable Turnover for the Year and the Inventory Turnover for the Year

GBC Company Balance Sheet December 31, 2016 Assets Cash Temporary Investments Accounts Receivable (net) Inventories Other Current Assets Equipment (net) Other Assets (non-current) Total Assets 300,000 100,000 400,000 400,000 100,000 1,100,000 200,000 2,600,000 Liabilities & Owner's Equity Accounts Payable Mortgage Payable - 5yrs Owner's Equity Total Liabilities and OE GBC Company Income Statement December 31, 2016 2,000,000 1,200,000 800,000 Sales Less: COS Gross Income for Sale Less: Expenses: Selling Expenses Administrative Expenses Net Income 200,000 100,000 300,000 500,000