Pawnee Corporation reported the following items at December 31, 2018, and 2017: (Click the icon to view the comparative financial information.) Read the requirements Requirement 1. Compute the company's (a) quick (acid-test) ratio and (b) days' sales outstanding for 2018. Evaluate each ratio value as strong or weak. All sales are on account with terms of net 30 days. (a) Enter the formula and calculate the quick (acid-test) ratio for 2018. (Abbreviation used: Cash* = Cash and cash equivalents. Round your final answer to two decimal places.) Quick (acid-test) ratio Requirements 1. Compute the company's (a) quick (acid-test) ratio and (b) days' sales outstanding for 2018. Evaluate each ratio value as strong or weak. All sales are on account with terms of net 30 days. 2. Recommend two ways for Pawnee to speed up its cash flow from receivables Print Done Balance Sheets (Summarized) Year End 2018 2017 Current assets: Year End 2018 2017 Current liabilities: $ 16,000 $ 12,000 Accounts payable 26,000 15,000 Other current liabilities 55,000 69,000 Long-term liabilities 194,000 190,000 8,000 8,000 Stockholders' equity 10,000 $ 299,000 $ 304,000 Total liabilities and equity 18,000 $ 104,000 20,000 19,500 106,000 21,000 Cash Marketable securities Accounts receivable, net Inventory Other current assets Long-term assets 157.000 157,500 Total assets $ 299,000 $ 304,000 Income Statement (partial): Sales revenue 2018 $ 930,000