Prepare the following ratios for the current year.
current ratio
acid test ratio
inventory turnover
Days sales in average receivables.

 

Virginia's Crafts has provided the following data: (Click the icon to view the financial information.) Read the requirements. a. Current ratio Enter the formula on the first line, then calculate the ratio on the second line. (Round your answer to two decimal places, X.XX) Current ratio T E . b. Acid-test ratio Enter the formula on the first line, then calculate the ratio on the second line. (Round your answer to two decimal places, X.XX. Abbreviation used: ST = short-term.) d. Days' sales in average receivables Enter the formula on the first ine, then calculate the days' sales on the second line. c. Inventory turnover Enter the formula on the first line, then calculate the turnover on the second line. (Round your answer to two decimal places, XXX) Inventory turnover times = Days' sales in average receivables Acid-test ratio days Requirements Compute the following ratios for the current year for Virginia's Crafts: a. Current ratio b. Acid-test ratio) c. Inventory turnover d. Days' sales in average receivables (assume all sales are on credit) iFinancial information Balance sheet item: Cash Short-term investments Net receivables Inventory Prepaid expenses Total current assets Total current liabilities Income statement: Net credit sales Cost of goods sold Print Print. S 5 S S 3 Done 3 $ $ S 4 Current Year Preceding Year 14.500 $ 21,000 12.040 S 62.000 S 27,000 64.100 73,500 7,500 78.500 $ 9.580 S Done 108.800 S 119,000 $ 441.050 315.400 - X - X 103.100 00.000