Lee Company reported the following selected items at April 30, 2024 (last year's-2023-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 April 30, 2024 (a) Determine the formula, then compute the acid-test ratio. (Abbreviations used: Cash Cash including cash equivalents, ST invest short-term investments. Enter the acid-test ratio to bwo decimals, X.XX.) (Cash + ST invest Not current receivables) Total current liabilities. = 310,500 225,000 Acid-test ratio 1.38 (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 tumover ratio to two decimal place XXX) Net credit sales 2,153 500 Average net accounts receivable 118,000 Average net accounts receivable 55000 $ (c) Determine the formula, then compute days' sales in receivables for 2024. (Abbreviations used: Cash Cash including cash equivalents, ST invest short-term investments, AR Accounts Receivable. Ignore leaps years. Round interim calculations to two decimal places XXX, and the days' sales in receivables to the nearest whole day) Accounts receivable CHO AR turnover ratio 18.25 181000 = Days' sales in AR 118000

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