Accounts payable 47,000 Accounts receivable, net: $ 31,000 30,000 Cash December 31, 2018 29,000 Inventory: December 31, 2017 December 31, 2018 Cost of goods sold 145,000 20,000 December 31, 2017 12,000 Short-term investments 16,000 Net credit sales 290,000 Other current assets. 5,000 Other current liabilities Long-term assets 45,000 13,500 Long-term liabilities 9,000 Requirement 2. Evaluate each ratio value as strong or weak. Assume Seminole Equipment sells on terms of net 30. The quick ratio is strong in 2018. It tells us that Seminole has more than $1 of quick assets for every $1 of current liabilities owed. The current ratio is strong in 2018. It tells us that Seminole has more than $1 in current assets for every $1 of current liabilities owed Evaluate the accounts receivable turnover for 2018. (To calculate the average number of days it takes to collect accounts receivable, use an AR turnover ratio to two decimal places, X.XX, and assume a 365-day year. Round your final answer to the nearest whole number.) days to collect its average The accounts receviable turnover ratio indicates that it takes the company, on average, since it takes the company, on average, level of receivables. Thus, the accounts receivable turnover ratio appears to collect from customers than its 30-day credit terms allow. Requirement 1a. Compute Seminole Equipment's quick ratio for 2018. Select the formula, then enter the amounts to calculate the ratio. (Round your final answer to two decimal places, X.XX. Abbreviation used: ST invest = short-term investment.) (Cash+ST invest + Net receivables) Total current liabilities Quick ratio 77,000 $ 60,500 1.27 Requirement 1b. Compute Seminole Equipment's current ratio for 2018. Select the formula, then enter the amounts to calculate the ratio. (Round your final answer to two decimal places, X.XX.) Total current assets Total current liabilities Current ratio 102,000 60,500 1.69 Requirement 1c. Compute Seminole Equipment's accounts receivable turnover for 2018. Select the formula, then enter the amounts to calculate the ratio. (Round your final answer to two decimal places, X.XX. Abbreviation used: AR Accounts receivable. ) Net credit sales Average net accounts receivable AR Turnover 290,000 30,000 9.67