YORKVILLE www.YOXVILLELLA Question 1 (10 marks) Identify the normal balance for the Retained Eamings account and expense accounts Whatis the reasoning behind the "normal balances" for these accounts? Nander Singh YORKVILLE UNIVERSIT www.YORKVILLEU.CA Question 3 (15 marks) Smart-T Incorporated had sales and cost of sales of $1,850,000 and $1,100,000 respectively in 2017. The company had shareholders' equity of S925,000, liabilities of $775,000 and assets of $1,700,000. Included in Smart-T's assets was inventory valued at $100,000 which was a $50,000 increase from the previous year's holding 1) Calculate Smart-T's gross profit percentage and inventory turn over for 2017. in) State some methods retailers might use to increase the gross margin on sales Discuss methods companies could use to increase the rate of inventory turnover. e