4. Cherokee Corporation reported the following terms m December 31, 2021. and 2020 Click the icon to view the comparative financial information Read the moment Requirement 1. Compute the company's (a) quick (acid-test) ratio and (b) days' sales outstanding for 2021. Evaluate each ratio value as strong or weak. All sales are an account with terms of net 30 days. (a) Enter the formula and calculate the quick (acid-test) ratio for 2021. (Abbreviation used Cash Cash and cash equivalent Round your final answer to two decimal places) 2) Quick wido) ratio Cherokee's quick acid-test ratio is considered) b) Select the formula and calculate Charakter's day sales outstanding for 2021. Round interim calculations to two decimal places. xx.xx. Round the day ass cutanding up to the next whole day Days'ses outstanding 14) Cherokee days outstanding) relative to credit terms of net 30 days Requirement 2. Recommend two ways for Cherokee to speed up its cash flow from receivatie Chanake could speed up canh how from receivables by Year End 2021 2020 Balance Sheets (Summarized Year End 2021 2020 Current liabilities $ 14,000 $10,000 Accounts payable 22,000 11,000 Other current liabilities 57.000 71,000 Long-term labiti 182,000 188,000 8,000 3,000 Stockholders gut 10,000 200,000 $206,000 to labies and out Current sets Cash Marketable securities Accounts receivable.net Inventory Other current Long-term stats Total $ 20,000 $ 21,500 104,000 100.000 20,000 21.000 149,000 140.000 3200,000 $ 200.000 Income Statement partial Sales revenue 2011 $32,000 Data Table Balance Sheets (Summarized) Year End Year End 2021 2020 2021 2020 Current assets: Current liabilities: Cash $ 14,000 $ 10,000 $ 20,000 $ 21,500 Accounts payable Other current liabilities Marketable securities 22,000 11,000 104,000 106,000 57,000 Long-term liabilities 20,000 21,000 Accounts receivable, net Inventory 71,000 188,000 192,000 Requirements Other current assets 8,000 8,000 Stockholders' equity 149,000 149,500 Long-term assets 10,000 Total assets $ 293,000 $ 298,000 Total liabilities and equity $ 293,000 $ 298,000 1. Compute the company's (a) quick (acid-test) ratio and (b) days' sales outstanding for 2021. Evaluate each ratio value as strong or weak. All sales are on account with terms of net 30 days. 2. Recommend two ways for Cherokee to speed up its cash flow from receivables. 2021 Income Statement (partial): Sales revenue $ 832,000 Print Done Print Done