Chippewa Carpets reported the following amounts in its 2016 financial statements. The 2015 figures are given for comparison (Click the icon to view the comparative financial information.) Requirements 1. Calculate Chippewa's acid-test ratio for 2016. (Round to two decimals.) Determine whether Chippewa's acid-test ratio improved or deteriorated from 2015 to 2016. How does Chippewa's acid-test ratio compare with the industry average of 0.80? 2. Calculate Chippewa's accounts receivable turnover ratio. (Round to two decimals.) How does Chippewa's ratio compare to the industry average accounts receivable turnover of 10? 3. Calculate the days' sales in receivables for 2016. (Round to the nearest day.) How do the results compare with Chippewa's credit terms of net 30? Data Table mpare bort. Re Chi witi ter 2016 2015 Cal $ $ t ratio 3,000 9,000 20 21,000 10,000 19 20 $ 59,000 (7.000) S 72.000 52,000 (6,000) lustry The Current Assets Cash Short-term Investments Accounts Receivable Lass: Allowance for Bad Debts Merchandise Inventory Prepaid Insurance Total Current Assets Total Current Liabilities Not Sales (all on account) 66,000 187,000 3.000 191,000 3,000 ave (lum Ro Chl ace $ 270,000 $ 105,000 $ 275,000 $ 107.000 S 733,000 Cha $ 654,900 3 Print Done