20WNMNC-ACC 201 - 99001 - Principles of Fin (1) Save Homework: Chapter 8 Assignmnet Score: 0.2 of 1 pt

20WNMNC-ACC 201 - 99001 - Principles of Fin (1) Homework: Chapter 8 Assignmnet Save Score: 0.2 of 1 pt 5 of 6 (6 complete) HW Score: 69.51%, 4.17... @T18-5 (similar to) Question Help Lapp Company reported the following selected items at April 30, 2018 (last year's2017amounts also given as needed): (Click the icon to view the selected items.) 14. Compute Lovetes (a) acid-test ratio. (b) accounts receivable turnover ratio, and (c) days' sales in receivables as of April 30, 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.) (Cash + ST invest. Net current receivables) 310.500 Total current liabilities 225,000 = Acid-test ratio 1.38 (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.) Net credit sales 2,153,500 AR turnover ratio