Chippewa Carpets reported the following amounts in its 2016 financial statements. The 2015 figures are given for comparison.

Requirements
1. Calculate Chippewa€™s acid-test ratio for 2016. (Round to two decimals.) Determine whether Chippewa€™s acid-test ratio improved or deteriorated from 2015 to 2016. How does Chippewa€™s acid-test ratio compare with the industry average of 0.80?
2. Calculate Chippewa€™s accounts receivable turnover ratio. (Round to two decimals.) How does Chippewa€™s ratio compare to the industry average accounts receivable turnover of 10?
3. Calculate the days€™ sales in receivables for 2016. (Round to the nearest day.) How do the results compare with Chippewa€™s credit terms of net 30?

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2016 2015 Current Assets S 3,000 21,000 $ 9,000 10,000 Cash Short-term Investments Accounts Receivable Less: Allowance for Bad Debts Merchandise Inventony Prepaid Insurance Total Current Assets $59,000 (7,000) $72,000 (6,000) 52,000 191,000 3,000 270,000 105,000 $654,900 66,000 187,000 3,000 S 275,000 107,000 $ 733,000 Total Current Liabilities Net Sales (all on account)