Chippewa Corporation reported the following items at December 31, 2018, and 2017 EEB (Click the icon to view the comparative financial information.) Read the requirements Requirement 1. Compute the company's (a) quick (acid-test) ratio and (b) days' sales outstanding for 2018. Evaluate each ratio value as strong or weak. All sales are on account with tems of net 30 days (a) Enter the formula and calculate the quick (acid-test) ratio for 2018, (Abbreviation used: Cash"-Cash and cash equivalents. Round your final answer to two decimal places.) Quick (acid-test) ratio Data Table Balance Sheets (Summarized) Year End Year End 2018 2017 2017 2018 Current assets: Current liabilitles: Cash $14,000 $ 10,000 S 20,000$ 21,500 Accounts payable 26,000 15,000 Other current liabilities 104,000 106,000 Marketable securities Accounts receivable, net 58,000 72,000 Long-term liabilities 20,000 21,000 Inventory 192,000 188,000 6,000 Other current assets 6,000 Stockholders' equity 152,000 52,500 Long-term assets 10,000 $ 296,000 301,000 Total liabilities and equity S 296,000 $ 301,000 Total assets Income Statement (partial) 2018 Sales revenue $ 910,000 Print Done Requirement 1. Compute the company's (a) quick (acid-test) ratio and (b) days' sales outstanding for 2018. Evaluate each ratio value as strong or weak. All sales are on account with tems of net 30 days. (a) Enter the formula and calculate the quick (acid-test) ratio for 2018. (Abbreviation used: Cash Cash and cash equivalents. Round your final answer to two decimal places.) - Quick (acid-test) ratio Cash Net current receivables +Inventory Cash Other current assets +Equipment Short-term investments+ Net current recei Cash*+Short-term investmentsNet current receivables Net current receivables+Short-term investmentsInventory Requirement 1. Compute the company's (a) quick (acid-test) ratio and (b) days' sales outstanding for 2018. Evaluate each ratio value as strong or weak. All sales are on account with terms of net 30 days. (a) Enter the formula and calculate the quick (acid-test) ratio for 2018. (Abbreviation used: Cash* Cash and cash equivalents. Round your final answer to two decimal places.) Quick (acid-test) ratio Accounts payable Accounts receivable Cash Inventories Long-term assets Long-term liabilities Net current receivables Net sales revenue Other current liabilities Total current assets Total current liabilities