Abbotsford Ltd. a gift store reported the following amounts in its 2020 financial statements. The 2019 figures are given for comparison (Click the icon to view the comparative financial information.) Required 1. Determine whether Abbotsford Ltd's acid-test ratio Improved or deteriorated from 2015 to 2020 How does Abbotsford Lid acid-test ratio compare with the industry average of 0.907 2. Compare the days' sales in receivables measure for 2020 with the company credit terms of net 30. What action. If any should Abbotsford Lid tak? 3. Indicate the most likely effect of the following changes in credit policy on the days sales in receivables (+ for increase - for decrease and NE for no effect). a. Granted credit to people with poor credit history b. Increased collection techniques or methods c. Granted credit with discounts for early payment 2020 2019 Iltic Current assets bro Cash $ $ 26,000 12.000 48.000 nd 24.000 Short-term investments Accounts receivable $ 126,000 28.000 $ 154,000 26.000 Less: Allow. for doubtful accts Inventory du 98.000 390.000 4.000 128,000 384.000 4.000 Prepaid insurance 552 000 $ 566 000 Total current assets Total current liabilities Net sales S 218.000 G 224.000 $ 2.200,000 52. 196.000 Print Done eck As