The following selected accounts were taken from the financial records of Los Olivos Distributors at December 31, 2019. All accounts have normal balances. Cash Accounts receivable Note receivable, due 2020 Merchandise inventory Prepaid insurance Supplies Equipment Accumulated depreciation, equipment Note payable to bank, due 2020 Accounts payable Interest payable Sales Sales discounts Cost of goods sold $ 22,595 46,800 8.600 34,800 2,260 1,320 42,600 22,600 26,000 21,240 260 525,500 2,300 397,320 Accounts Receivable at December 31, 2018, was $52,800. Merchandise Inventory at December 31, 2018, was $57,600. 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. Complete this question by entering your answers in the tabs below. b. Working capital. c. The current ratio. d. The inventory turnover. e. The accounts receivable turnover. All sales were on credit. Complete this question by entering your answers in the tabs below. Required a Required b Required | Required d Required e The gross profit percentage. Gross Profit Percentage Choose Denominator Cost of goods sold Choose Numerator Net sales Gross Profit Percentage Required b > Complete this question by entering your answers in the tabs below. Required a Required b Required c Required d Required e Working capital. Working Capital Choose Denominator Current liabilities Choose Numerator Current assets Working capital - Required a Required c > Complete this question by entering your answers in the tabs below. Required a Required b Required c R equired d Required e The current ratio. Current Ratio Choose Denominator Choose Numerator Current Ratio Required b Required d > Complete this question by entering your answers in the tabs below. Required a Required b Required Required d Required e The inventory turnover. Choose Numerator Average inventory Inventory Turnover Choose Denominator Cost of goods sold Inventory Turnover 0 times C. The current ratlo. d. The inventory turnover. e. The accounts receivable turnover. All sales were on credit. Complete this question by entering your answers in the tabs below. Required a Required b Required Required d Required e The inventory turnover. Inventory Turnover Choose Denominator Cost of goods sold Choose Numerator Average inventory Inventory Turnover 0 times b. Working capital. c. The current ratio. d. The inventory turnover. e. The accounts receivable turnover. All sales were on credit. Complete this question by entering your answers in the tabs below. Required a Required b Required c Required d Required e The accounts receivable turnover. All sales were on credit. Choose Numerator Average accounts receivable Accounts Receivable Turnover Choose Denominator Accounts Receivable Turnover Net sales Required d