The financial statements of Sulfate Corporation include the following items: E (Click the icon to view the data.) 7. Compute the current ratio for the current year. Begin by selecting the formula labels, then enter the amounts and compute the current ratio for the current year. (Round your answer to two decir Current ratio 8. Compute the acid-test ratio for the current year. Select the formula labels, enter the amounts and compute the acid-test ratio for the current year. (Abbreviations used: Net AR = Net Accounts Re Acid-test )/ ratio 9. Compute the inventory turnover for the current year. Begin by selecting the formula labels, then enter the amounts and compute the inventory turnover for the current year. (Round your answer to two Inventory turnover 10. Compute the gross profit percentage for the current year. Begin by selecting the formula labels, then enter the amounts and compute the gross profit percentage for the current year. (Round your answer Gross profit percentage % Data Table More Info Current Year Preceding Year 7. Current ratio Balance Sheet: 8. Acid-test ratio 9. Inventory turnover 10. Gross profit percentage Cash 9,000 $ 14,000 Short-term Investments 6,300 12,600 Net Accounts Receivable 20,900 22,900 Merchandise Inventory 31,200 26,100 Print Done Prepaid Expenses 7,100 4,400 Total Current Assets 74,500 80,000 Total Current Liabilities 55,300 38,300 Income Statement: Net Sales Revenue 24 188,600 Cost of Goods Sold 125,600 Print Done