Homework: Week Three Exercises Chapter 17 Question 4, 917-7(simil WW Score 5GIN 8 86 of 10 ore Points of 'Companies, a home provement store chainported the following med Cd the loan to view the comment mick the whole Achen 50.000 common the outstanding during 2011 Read the Requirement 1. Compute the inventory tumors in vertory und gross pro percentaget Componentor 2011 Compute the way tumov. (Pound your who didim. XXX) Requirements The Inventory tumover 10 1. Computerworld percentage of Companies for 2018 2. Computea sa 2016 Round mediate cakton to come www 2 What does say about womandabiyot and are Print Done Requirements x 1. Compute the inventory tumover days' sales in inventory, and gross profit percentage for Achieve's Companies for 2018 2. Compute days' sales in receivables during 2018. Round intermediate calculations to three decimal places. Assume all sales were on account 3. What do these ratios say about Achieve's Companies' ability to sell inventory and collect receivables? 7 Print Done Income statement Achieve's Companies Income Statement Years Ended May 31, 2018 and 2017 2018 2017 Net Sales Revenue $ 55,400 $ 38.800 Cost of Goods Sold 27.700 29,300 Interest Expense 300 280 All Other Expenses 6.900 7.800 Net Income $ 20,500 $ 1,420 Achieve's Companies Balance Sheet May 31, 2018 and 2017 Assets 2018 Liabilities 2018 2017 2017 Cash $ 2,100 $ 13.000 12,600 26,000 Short-term Investments Accounts Receivable Merchandise Inventory Other Current Assets 25.600 7200 7000 11,000 1.200 Total Current Llabilities $ 23.000 $ 14.000 Long-term Liabilities 13,300 5,500 Total Liabilities 36 300 9,700 Stockholders' Equity 1,700 Common Stock 9.000 32,100 Retained Earnings 42.000 29,000 Total Equity 51,000 61,100 $ 87300 5 Total abilities and Equity Total Current Assets 53,300 34000 9000 26 500 35,500 61,100 All Other Assets $ 37,300 5 Total Assets