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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 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 $ 29,540 47,100 8,900 35, 100 2,290 1,350 42,900 22,900 29,000 18,510 290 527,000 2,600 413,850 Accounts Receivable at December 31, 2018, was $53,550. Merchandise inventory at December 31, 2018, was $57,900. 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. Required a Required b Required c. Required d Required e The gross profit percentage. Gross Profit Percentage Choose Denominator Choose Numerator Gross Profit Percentage Required a Required b Required c Required d Required e Working capital. Working Capital Choose Denominator Choose Numerator Working capital Complete this question by entering your answers in the tabs below. Required a Required b Required c Required d Required e The current ratio. Current Ratio Choose Denominator Choose Numerator Current Ratio Complete this question by entering your answers in the tabs below. Required a Required b Required c Required d Required e The inventory turnover. Inventory Turnover Choose Denominator Choose Numerator Inventory Turnover times 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. Accounts Receivable Turnover Choose Denominator Accounts Receivable Turnover Choose Numerator times

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