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Help me fix these please. The green is correct and the red is wrong. Example how you got the answer please. I really thought I

Help me fix these please. The green is correct and the red is wrong. Example how you got the answer please. I really thought I did it correctly :(.

Exercise 13.9 Calculating ratios. LO 13-6

The following selected accounts were taken from the financial records of Los Olivos Distributors at December 31, 2019. All accounts have normal balances.

Cash $ 21,945
Accounts receivable 46,400
Note receivable, due 2020 8,200
Merchandise inventory 34,400
Prepaid insurance 2,220
Supplies 1,280
Equipment 42,200
Accumulated depreciation, equipment 22,200
Note payable to bank, due 2020 22,000
Accounts payable 26,480
Interest payable 220
Sales 523,500
Sales discounts 1,900
Cost of goods sold 380,555

Accounts Receivable at December 31, 2018, was $55,800. Merchandise inventory at December 31, 2018, was $57,300. Based on the account balances above, calculate the following:

  1. The gross profit percentage.
  2. Working capital.
  3. The current ratio.
  4. The inventory turnover.
  5. The accounts receivable turnover. All sales were on credit.

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Can't remember if I got D correct. I think I did. image text in transcribed

Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required a Required b Required c Required d Required e The gross profit percentage Gross Profit Percentage Choose Gross Profit Choose Numerator Denominator Percentage Net sales Gross profit $ 132,045 512,600 25.8% A Working capital Working Capital Choose Denominator Working capital Choose Numerator Current liabilities Current assets 114,425( $ 48,700 65,725 The current ratio. Current Ratio Choose Choose Current Numerator Denominator Ratio Current assets Current liabilities $ 114,425 X $ 48,700 2.35 Accounts Receivable Turnover Choose Accounts Receivable Turnover Choose Denominator Numerator Average accounts receivable Net credit sales $ $ 51,800( 521,600 10.07 times Complete this question by entering your answers in the tabs below. Required e Required c Required d Required a Required b The inventory turnover. Inventory Turnover Choose Numerator Choose Denominator Inventory Turnover Cost of goods sold Average inventory 380,555 8.30 times $ 45,850

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