Abanaki Carpets reported the following amounts in its 2018 financial statements. The 2017 figures are given for comparison. 2018 2017 Balance sheet-partial Current Assets: Cash Short-term Investments Accounts Receivable Less: Allowance for Bad Debts Merchandise Inventory Prepaid Insurance Total Current Assets $ 5,000 $11,000 25,000 14,000 $ 64,000 77,000 (7,000) 71,000 190,000 2,000 288,000 107,000 57,000(6,000) 194,000 2,000 283,000 105,000 otal Current Liabilities ncome statement-partial let Sales (all on account) 742,400 730,000 Requirements 1. Calculate Abanaki's acid-test ratio for 2018. (Round to two decimals.) Determine whether Abanaki's acid-test ratio improved or deteriorated from 2017 to 2018. How does Abanaki's acid-test ratio compare with the industry average of 0.80? 2. Calculate Abanaki's accounts receivable turnover ratio. (Round to two decimals.) How does Abanaki's ratio compare to the industry average accounts receivable turnover of 10? 3. Calculate the days' sales in receivables for 2018. (Round to the nearest day.) How do the results compare with Abanaki's credit terms of net 30