Lantana Products reported the following amounts in its 2019 financial statements. The 2018 amounts are given for compu B (Click the icon to view the financial data.) Read the requirements. Requirement 1. Compute Lantana's quick (acid-test) ratio at the end of 2019. Round to two decimal places. How does the Begin by selecting the formula, then enter the amounts and compute the quick (acid-test) ratio. (Abbreviation used: Cash" = Quick (acid-test) ratio How does the quick (acid-test) ratio compare to the industry average of 0.92? Lantana's position is compared to the industry average of 0.92. Requirement 2. Compare days' sales outstanding for 2019 with the company's credit terms of net 30 days. Begin by selecting the formula, then enter the amounts to calculate the days' sales outstanding. (Round interim calculations to t Days' sales outstanding days Lantana's days' sales outstanding is the credit terms of net 30. Requirement 1, Computo Lantana's quick acid-test) ratio at the end of 2010. Round to trecinul places. How does the action compare wity were 0.0 Begin by selecting the formula, then enter the amounts and compute the quick (test) ratio ( Artion sets Cash odavalta Hoond toodete to the decine Quick- - How does the quick acid-strato compare to the industry average of 0.327 Lantana's position is compared to the industry average of 92. Requirement 2. Compare dayal sales outstanding for 2019 with the company's credit forms of net 30 days Bogin by selecting the formula, then enter the amounts to calculate the day sales outstanding (Round interim colutions to two complaces, XXXX and the day Days outstanding days Lantana's days' sales outstanding is the credit terms of net 30 Data table lo 2019 2018 Current assets: Cash 9,500 7,500 Short-term investments Accounts receivable 9,500 10,500 $ 70,100 79,000 (5,500) 86,500 (7,500) Less: Allowance for uncollectibles Inventory Prepaid insurance 188,000 2,600 64,600 189,000 2,600 (SO 273,200 Total current assets 108,000 289,600 99,000 1,077,000 738.000 Total current liabilities Net sales (all on account). Cash* + Net current receivables + Inventory Cash* + Other current assets + Equipment Cash* + Short-term investments + Net current receivables Net current receivables + Short-term investments + Inventory Compute the quick (acid-test) ratio. (Abbreviation used: Cash 1 Quick (acid-test) ndustry avera Accounts payable industry aver Accounts receivable pr 2019 with th ays. nts to calculat Cash I interim calculations to Inventories tanding Long-term assets ys he credit terms Long-term liabilities Net current receivables Net sales revenue Other current liabilities Total current assets Total current liabilities 21 365 days Accounts payable unts in its 2019 .) Accounts receivable turnover Average daily sales acid-test) ratio att I Cash e amounts and con Cost of goods sold Inventories / to the industry aver Long-term assets d to the industry aver Long-term liabilities inding for 2019 with th Net sales revenue e amounts to calculate Lantana's days' sales outstanding is the credit terms o
