Calculate Cherokee's acid-test ratio for

2024. (Round to two decimals.) Determine whether Cherokee's acid-test ratio improved or deteriorated from 2023 to 2024. How does Cherokee's acid-test ratio compare with the industry average of 0.80?

2. Calculate

Cherokee

Cherokee's accounts receivable turnover ratio. (Round to two decimals.) How does

Cherokee

Cherokee's ratio compare to the industry average accounts receivable turnover of 10?

3.

Calculate the days' sales in receivables for 2024. (Round to the nearest day.) How do the results compare with Cherokee's credit terms of net 30?

Next Question Cherokee Carpets reported the following amounts in its 2024 financial statements. The 2023 figures are given for Click the loon to view the comparative financial information Read the requirements Requirement 1. Calculate Cherokee's acid-tost natio for 2024, (Round to two decimal.) Determine whether Cherokee's acid-test ratio improved or deteriorated from 2023 to 2024. How does Cherokee's acid-test ratio compare with tre industry average of 0.807 (Abbreviations used Cash Cash including cash equivalents: Stinvest short-term investments. Round the acid test ratio to two decimals, X.XX.) Calculate the acid-test ratio for both years Acid-bastato 2024 2023 Data Table 2024 2023 $ 12,000 11,000 Balance sheet partial Current Assets Cash Short-term Investments Accounts Receivable Less: Allowance for Bad Debts Merchandise Inventory Prepaid insurance Total Current Assets $50.500 15,000) 6,000 $ 22.000 $ 72,500 54,500 (4.000) 192,000 3,000 68,500 188,000 3.000 277,500 113,000 282,500 115,000 Total Current Liabilities Income statement partial Not Sales(all on account) Help Me Solve This Clear All Check Answer 707,250 736,000 Requirements 1. Calculate Cherokee's acid-test ratio for 2024. (Round to two decimals.) Determine whether Cherokee's acid-test ratio improved or deteriorated from 2023 to 2024. How does Cherokee's acid-test ratio compare with the industry average of 0.80? 2. Calculate Cherokee's accounts receivable turnover ratio. (Round to two decimals.) How does Cherokee's ratio compare to the industry average accounts receivable turnover of 10? 3. Calculate the days' sales in receivables for 2024. (Round to the nearest day.) How do the results compare with Cherokee's credit terms of net 30? Print Done Requirement 1. Calculate Cherokee's acid-test ratio for 2024. (Round to two dec Cherokee's acid-test ratio compare with the industry average of 0.80? (Abbreviatic to two decimals, X.XX.) Calculate the acid-test ratio for both years. + 2024 2023 365 Accounts receivable Accounts receivable turnover ratio Average net accounts receivable Cash (Cash + Net current receivables) (Cash + ST invest.) (Cash + ST invest. + Net current receivables) Total current assets Total current liabilities Net credit sales Hels More Help Copyright 2021 Pearson Education Inc. All rights rese