The following selected accounts were taken from the financial records of Sonoma Valley Distributors at December 31, 20X1. All accounts have normal balances. Cash Accounts receivable Note receivable, due 20X2 Merchandise inventory Prepaid insurance Supplies Equipment Accumulated depreciation, equipment Note payable to bank, due 20X2 Accounts payable Interest payable Sales Sales discounts Cost of goods sold $ 24,900 46,900 8,700 34,900 2,270 1,330 42,700 22,700 27,000 20,330 270 526,000 2,400 402,810 Accounts Receivable at December 31, 20x0, was $53,050. Merchandise inventory at December 31, 20x0, was $57,700. Based on the account balances above, calculate the following: Accounts Receivable at December 31, 20x0, was $53,050. Merchandise inventory at December 31, 20XO, was $57,700. Based on the account balances above, calculate the following: a. The gross profit percentage. b. Working capital. c. The current ratio. d. The inventory turnover. e. The accounts receivable turnover. All sales were on credit. Required a Required b Required c Required d Required e The gross profit percentage. Gross Profit Percentage Choose Numerator Choose Denominator Gross Profit Percentage Gross profit Net sales $ 120,790) = $ 523,600 = 23.1% Required a Required b Required c Required d Required e Working capital. Working Capital Choose Denominator Choose Numerator Working capital Current assets Current liabilities 0 $ II Required a Required b Required c Required d Required e The current ratio. Current Ratio Choose Numerator Choose Denominator Current Ratio Current assets Current liabilities 1: = 0 Required a Required b Required c Required d Required e The inventory turnover, Inventory Turnover Choose Numerator Choose Denominator Inventory Turnover Cost of goods sold Average inventory $ 402,810 8.70 times + $ 46,300 Required a Required b Required c Required d Required e The accounts receivable turnover. All sales were on credit. Accounts Receivable Turnover Choose Numerator Choose Denominator Accounts Receivable Turnover Net credit sales Average accounts receivable 10.48 time: = $ 523,600 . 49,975 $