Leeds Carpets reported the following amounts in its 20X8 financial statements. The 20x7 figures are given for comparison (Click the icon to view the comparative financial information.) Required 1. Determine whether Leeds's acid-test ratio improved or deteriorated from 20X7 to 20X8. How does Leeds's acid-test ratio at the end of 20X8 compare with the industry average of 0.80? 2. Compare the receivables' settlement period for 20X8 with Leeds's usual credit terms of 30 days. Requirement 1 Calculate Leeds's acid-test ratios for 20X8 and 20x7. (Round the ratios to two decimal places. Enter a zero before decimals that are less than one.) 20X8 20X7 Acid-test ratios :1 The acid-test ratio between 20X7 and 20X8. The company's 20X8 acid-test ratio is the industry average of 0.80. Requirement 2 Calculate Leeds's receivables settlement period, in days, for 20X8. (Round your answer to the nearest whole number.) 20X8 Receivables settlement period = days Leeds's receivables settlement period the company's net 30-day credit period. More info 20X8 20X7 Current assets: Inventories 189,000 Trade receivables 193,000 50,000 6,000 64,000 Short-term loans 6,000 Bank current account 12,000 23,000 4,000 Cash 10,000 Total current assets 276,000 281,000 Total current liabilities 105,000 729,000 107,000 732,000 Sales revenue Print Done Time Remaining: 01:11:56 Next