Homework: Chapter 8 Exercises Save Score: 0 of 1 pt HW Score: 37.5%, 6 of 16 pts 4 of 16 (6 complete) T18-5 (similar to) Question Help Letters Company reported the tolowing selected tems at May 31, 2018 (last year's-2017-amounts also given as needed) E(Click the icon to view the selecled iterns.) days' sales in recuivables as of May 31, 2018. 14. Compute Lovett's (a) acid-test ratio, (b) accounts receivable turnover ratio, and fa) Determine the formula, then compute the acid-test ratio, (Abbreviations ussed. Cash Cash including cash equivalents, ST invest, short-term investments, Enter the acid-test ratio to two decimals, XxX.) Acid-test ratio X Data Table Accounts Receivable, net Accounts Payable $ 130,000 Cash 102,000 May 31, 2018 s 181.000 tct ee Irventory 55.000 May 31, 2017 May 31, 2010 Cost of Goods Sold 530 000 113 000 Short-term Investments May 31, 201 21 500 81.000 Net Credit Sales Revenues Other Current Assets 2,153,500 48 00D Other Current Liabilities 86.000 Lono-term Assets 171.000 Long-term Liabilities 57,000 Choose from any list or enter any number in the input flelds and then click Check Answer. ? parts Z remaining Print Done Clear All