Question 7: (from chapter 47) From the same information in the previous question (Question 6), calculate the following ratios for the business for both 2017 and 2018 separately, and at the end, briefly comment on the changes in the accounting ratios and the firm's financial position from 2017 to 2018: a) Gross profit as % of sales b) Inventory turnover c) Rate of net profit on capital employed (use the sum of ending balances of the year for long-term liabilities and capit d) Current ratio e) Acid test ratio f) Account receivable/sales ratio g) Account payable/purchases ratio Question 7: (from chapter 47) From the same information in the previous question (Question 6), calculate the following ratios for the business for both 2017 and 2018 separately, and at the end, briefly comment on the changes in the accounting ratios and the firm's financial position from 2017 to 2018: a) Gross profit as % of sales b) Inventory turnover c) Rate of net profit on capital employed (use the sum of ending balances of the year for long-term liabilities and capit d) Current ratio e) Acid test ratio f) Account receivable/sales ratio g) Account payable/purchases ratio