i Data Table - 2024 2023 $ 11,000 14,000 $ 64,000 (7,000) Balance sheet-partial Current Assets Cash Short-term Investments Accounts Receivable Less: Allowance for Bad Debts Merchandise Inventory Prepaid Insurance Total Current Assets Total Current Liabilities Income statement-partial Net Sales (all on account) 5,000 $ 25,000 $ 77,000 57,000 (6,000) 194,000 2,000 71,000 190,000 2,000 288,000 107,000 283,000 105,000 742,400 730,000 Print Done Juuuuy tiCut PCTTUU. Abanaki Carpets reported the following amounts in its 2024 financial statements. The 2023 figures are given for comparison. Click the icon to view the comparative financial information.) Read the requirements Requirement 1. Calculate Abanaki's acid-test ratio for 2024. (Round to two decimals.) Determine whether Abanaki's acid-test ratio improved or deteriorated from 2023 to 2024. How does Abanaki's acid-test ratio compare with the industry average of 0.80? (Abbreviations used: Cash = Cash including cash equivalents, ST invest. = short-term investments. Round the acid test ratio to two decimals, X.XX.) Calculate the acid-test ratio for both years. Acid-test ratio 2024 - 2023 The acid-test ratio from 2023 to 2024. The company's acid-test ratio is the industry average of 0.80. Requirement 2. Calculate Abanaki's accounts receivable turnover ratio. (Round to two decimals.) How does Abanaki's ratio compare to the industry average accounts receivable turnover of 10? (Abbreviations used: AR turn = accounts receivable turnover ratio; Cash = Cash including cash equivalents, ST invest. = short-term investments. Round the accounts receivable turnover ratios to two decimals, X.XX.) AR turn 2024 The company's accounts receivable turnover ratio is the industry average of 10 Requirement 3. Calculate the days' sales in receivables for 2024. (Round to the nearest day.) How do the results compare with Abanaki's credit terms of net 30? (Abbreviations used: Cash = Cash including cash equivalents; ST invest. = short-term investments. Round interim calculations to two decimals, X.XX, and the days in receivables to the nearest whole day.) = Days' sales in AR 2024 Abanaki's days' sales in receivables calculation is the company's net 30-day credit period. Choose from any list or enter any number in the input fields and then continue to the next