Lamb Company reported the following selected items at February 28, 2018 (last year's-2017-amounts also given as needed) Click the icon to view the selected items.) 14. Compute Lovett's (a) acid-test ratio, (b) accounts receivable turnover ratio, and (c) days' sales in receivables as of February 28, 2018. (a) Determine the formula, then compute the acid-test ratio (Abbreviations used Cash term investments. Enter the acid-test ratio to two decimals, XXX) Cash including cash equivalents, ST invest - short- (Cash + ST Invest. Net current receivables) Total current - Acid-test ratio (b) Determine the formula, then compute the accounts receivable turnover ratio. (Abbreviations used Cash = Cash including cash equivalents: ST invest. = short-term investments, AR = Accounts Receivable Round the accounts receivable turnover ratio to two decimal places, XXX) Net credit sales Average net accounts receivable AR turnover ratio = hermint Lamb Company reported the following selected items at February 28, 2018 (last year's-2017-amounts also given as needed): (Click the icon to view the selected items.) 14. Compute Lovett's (a) acid-test ratio, (b) accounts receivable turnover ratio, and (c) days' sales in receivables as of February 28, 20 (b) Determine the formula, then compute the accounts receivable turnover ratio. (Abbreviations used: Cash = Cash including cash equin ST invest. = short-term investments, AR = Accounts Receivable. Round the accounts receivable turnover ratio to two decimal places, X Net credit sales Average net accounts receivable = AR turnover ratio (c) Determine the formula, then compute days' sales in receivables for 2018. (Abbreviations used: Cash Cash including cash equivalent invest. = short-term investments, AR = Accounts Receivable. Round interim calculations to two decimal places, X.XX, and the days' sales receivables to the nearest whole day.) 365 Accounts receivable = Days' sales in AR Choose from any list or enter any number in the innuit fields and then contin $ 133,000 152,000 $ Accounts Payable Cash Merchandise Inventory: February 28, 2018 February 28, 2017 Net Credit Sales Revenue Long-term Assets Long-term Liabilities Accounts Receivable, net: February 28, 2018 February 28, 2017 Cost of Goods Sold Short-term Investments Other Current Assets Other Current Liabilities 127,000 49,000 480,000 42,630 114,000 87,000 1,100,000 172,000 52.000 49,000 80,000 Print Done