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

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

Cash $ 24,900
Accounts receivable 46,900
Note receivable, due 2020 8,700
Merchandise inventory 34,900
Prepaid insurance 2,270
Supplies 1,330
Equipment 42,700
Accumulated depreciation, equipment 22,700
Note payable to bank, due 2020 27,000
Accounts payable 20,330
Interest payable 270
Sales 526,000
Sales discounts 2,400
Cost of goods sold 402,810

Accounts Receivable at December 31, 2018, was $53,050. Merchandise inventory at December 31, 2018, was $57,700. 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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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 Gross Profit Percentage Choose Numerator Choose Denominator Reued Required b d. Ihe inventory turnover eBook e. The accounts receivable turnover. All sales were on credit. Hint Complete this question by entering your answers in the tabs below. Print Required a Required b Required c Required e Required d References Working capital. Working Capital Choose Numerator Choose Denominator Working capital Required b Hint Complete this question by entering your answers in the tabs below. Print Required a Required b Required c Required e Required d References The inventory turnover Inventory Turnover Choose Denominator Inventory Turnover Choose Numerator times Print Required a Required b Required c Required e Required d References The accounts receivable turnover. All sales were on credit. Accounts Receivable Turnover Choose Numerator Choose Denominator Accounts Receivable Turnover times Required

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