Pawnee 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. Requirements 1. Calculate Pawnee's acid-test ratio for 2024. (Round to two decimals.) Determine whether Pawnee's acid-test ratio improved or deteriorated from 2023 to 2024. How does Pawnee's acid-test ratio compare with the industry average of 0.80? 2. Calculate Pawnee's accounts receivable turnover ratio. (Round to two decimals.) How does Pawnee's ratio compare to the industry average accounts receivable turnover of 10? 3. Calculate the days' sales in receivables for 2024. (Round to the nearest day.) How do the results compare with Pawnee's credit terms of net 30? - Data table 2024 2023 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 $ 8,000 $ 14,000 23,000 12,000 $ 60,500 $ 73,500 (9,000) 51,500 (8,000) 65,500 196,000 192,000 5,500 5,500 284,000 289,000 112,000 114,000 Print Done - X Data table Current Assets: Cash Short-term Investments $ 8,000 SA $ 14,000 23,000 12,000 Accounts Receivable $ 60,500 $ 73,500 Less: Allowance for Bad Debts (9,000) 51,500 (8,000) 65,500 Merchandise Inventory 196,000 192,000 Prepaid Insurance 5,500 5,500 Total Current Assets 284,000 289,000 Total Current Liabilities 112,000 114,000 Income statement-partial Net Sales (all on account) 649,350 729,000 Requirement 1. Calculate Pawnee's acid-test ratio for 2024. (Round to two decimals.) Determine whether Pawnee's acid-test ratio improved or deteriorated from 2023 to 2024. How does Pawnee'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. 2024 2023 Acid-test ratio Check ans