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Save Homework: Chapter 8 part B homework Score: 0 of 1 pt 8 of 9 (5 complete) E8-26 (similar to) HW Score: 36.65%, 3.3 of 9 pts Question Help Abanaki Carpets reported the following amounts in its 2018 financial statements. The 2017 figures are given for comparison (Click the icon to view the comparative financial Information) Read the requirements Requirement 1. Calculate Abanaki's acid-test ratio for 2018. (Round to wo decimals.) Determine whether Abanak's acid-test ratio improved or deteriorated from 2017 to 2018. How does Abanaki'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. Acid-test ratio 2018 2017 Choose from any list or enter any number in the input fields and then click Check Answer 5 parts Check Answer Clear All 5 remaining Data Table 2018 2017 $ $ 12,500 7,000 $ 61,500 (7,000) 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 Income statement partial Net Sales (all on account) 6,500 18,000 $ 74,500 54,500 (6,000) 191,000 4,500 68,500 187,000 4,500 274,500 103,000 279,500 105,000 719,550 729,000 Print Done Requirements 1. Calculate Abanaki's acid-test ratio for 2018. (Round to two decimals.) Determine whether Abanaki's acid-test ratio improved or deteriorated from 2017 to 2018. How does Abanaki's acid-test ratio compare with the industry average of 0.80? 2. Calculate Abanaki's accounts receivable turnover ratio. (Round to two decimals.) How does Abanaki's ratio compare to the industry average accounts receivable turnover of 10? 3. Calculate the days' sales in receivables for 2018. (Round to the nearest day.) How do the results compare with Abanaki's credit terms of net 30? Print Done