Selected financial data for SellFast, Inc., a retail store, appear as follows: a. Compute the following for

Question:

Selected financial data for SellFast, Inc., a retail store, appear as follows:

a. Compute the following for both years:
1. Gross profit percentage
2. Inventory turnover
3. Accounts receivable turnover
b. Comment on favorable and unfavorabletrends.

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...