Lakeland Clothiers reported the following amounts in its 2013 financial statements. The 2012 amounts are given for comparison.

Requirements
1. Compute Lakeland€™s quick (acid-test) ratio at the end of 2013. Round to two decimal places.
How does the quick (acid-test) compare with the industry average of 0.95?
2. Compare days€™ sales in receivables for 2013 with the company€™s credit terms of net 30days.

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2013 2012 Current assets: Cash Short-term inve Accounts receivable.. $82,000 S 9,600 14,500 S 9,600 10,500 $78,000 Less: Allowance for (7,200) 74,800 193,000 2,100 294,000 101,000 803,000 (6,200) Inventory Prepaid insurance Total current assets 71,800 194,000 2,100 288,000 110,000 731,000 Total current liabilities Net sa