Samuel's Companies, operating educational tutoring centers, reported the following summarized figures: \begin{tabular}{l|ll} \multicolumn{3}{c}{\begin{tabular}{c} Samuel's Companies \\ Income Statement \end{tabular}} \\ \multicolumn{2}{c}{ Years Ended May 31, 2020 and 2019} \\ \hline & 2020 & \multicolumn{1}{c}{2019} \\ \hline Net Sales & $57,140,000 & $41,060,000 \\ \hline Cost of Goods Sold & 27,710,000 & 29,400,000 \\ \hline Interest Expense & 694,000 & 637,000 \\ \hline All Other Expenses & 6,880,000 & 8,350,000 \\ \hline Net Income & $21,856,000 & $2,673,000 \\ \hline \end{tabular} \begin{tabular}{|l|r|} \hline \multicolumn{1}{|c}{\begin{tabular}{c} Samuel's Companies \\ Balance Sheet \\ May 31, 2020 \end{tabular}} \\ \hline Assets \\ \hline Cash & 8,400,000 \\ \hline Short-term Invest. & 26,090,000 \\ \hline Accounts Receivable & 5,650,000 \\ \hline Merchandise Inventory & 2,280,000 \\ \hline Other Current Assets & 8,800,000 \\ \hline Total Current Assets & 51,220,000 \\ \hline & \\ \hline All Other Assets & 32,200,000 \\ \hline Total Assets & 83,420,000 \\ \hline Liabilities & 23,800,000 \\ \hline Total Current Liab. & 13,490,000 \\ \hline Long-term Liab. & 37,290,000 \\ \hline Total Liabilities & \\ \hline & \\ \hline Stockholders' Equity & \\ \hline Common Stock & 12,850,000 \\ \hline Retained Earnings & 33,280,000 \\ \hline Total Equity & 46,130,000 \\ \hline Total Liab. + Equity & 83,420,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|} \hline \multicolumn{2}{|c|}{\begin{tabular}{l} Samuel's Companies \\ Balance Sheet \\ May 31, 2019 \end{tabular}} \\ \hline \multicolumn{2}{|l|}{ Assets } \\ \hline Cash & 6,690,000 \\ \hline Short-term Invest. & 10,110,000 \\ \hline Accounts Receivable & 5,230,000 \\ \hline Merchandise Inventory & 3,220,000 \\ \hline Other Current Assets & 1,960,000 \\ \hline Total Current Assets & 27,210,000 \\ \hline All Other Assets & 27,840,000 \\ \hline Total Assets & 55,050,000 \\ \hline \multicolumn{2}{|l|}{ Liabilities } \\ \hline Total Current Liab. & 12,790,000 \\ \hline Long-term Liab. & 10,910,000 \\ \hline Total Liabilities & 23,700,000 \\ \hline \multicolumn{2}{|l|}{ Stockholders' Equity } \\ \hline Common Stock & 12,830,000 \\ \hline Retained Earnings & 18,520,000 \\ \hline Total Equity & 31,350,000 \\ \hline Total Liab. + Equity & 55,050,000 \\ \hline \end{tabular} 1. Compute the inventory turnover, days' sales in inventory, and gross profit percentage for Samuel's Companies for 2020. ( Cost of goods sold )/( Average merchandise inventory )= Inventory turnover ($)/($ ) ( 365 days )/( Inventory turnover )= Day's sales in inventory |) /()=( ) (Gross profit ) / ( Net sales revenue ) = Gross profit percentage ($ )/($)=( % ) 2. Compute days' sales in receivables during 2020. Assume all sales were on account. ( Net credit sales ) / ( Average net accounts receivables ) = Accounts receivable turnover ratio ($ )/($)=( (365 days )/( Accounts receivable turnover ratio )= Day's Sales in Receivables )/()=(