i Data Table - 2024 2023 $ 13,000 11,000 59,000 (6,000) 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) 7,000 $ 22,000 $ 72,000 53,000 (5,000) 193,000 5,500 67,000 189,000 5,500 280,500 103,000 285,500 105,000 678,000 728,000 Print Done 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 202 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 +