$ 134,000 153,000 $ Accounts Payable Cash Merchandise Inventory: July 31, 2018 July 31, 2017 Net Credit Sales Revenue Long-term Assets Long-term Liabilities 113,000 82,000 1,697,250 173,000 58,000 Accounts Receivable, net: July 31, 2018 July 31, 2017 Cost of Goods Sold Short-term Investments Other Current Assets Other Current Liabilities 136,000 50,000 530,000 44,250 51,000 81,000 Long Company reported the following selected items at July 31, 2018 (last year's2017amounts also given as needed): (Click the icon to view the selected items.) 14. Compute Lovett's (a) acid-test ratio, (b) accounts receivable turnover ratio, and (c) days' sales in receivables as of July 31, 2018. (a) Determine the formula, then compute the acid-test ratio. (Abbreviations used: Cash = Cash including cash equivalents; ST invest. = short-term investments. Enter the acid-test ratio to two decimals, X.XX.) = Acid-test ratio (b) Determine the formula, then compute the accounts receivable turnover ratio. (Abbreviations used: Cash = Cash including cash equivalents; ST invest. = short-term investments; AR = Accounts Receivable. Round the accounts receivable turnover ratio to two decimal places, X.XX.) = AR turnover ratio (c) Determine the formula, then compute days' sales in receivables for 2018. (Abbreviations used: Cash = Cash including cash equivalents; ST invest. = short-term investments, AR = Accounts Receivable. Round interim calculations to two decimal places, X.XX, and the days' sales in receivables to the nearest whole day.) = Days' sales in AR