Problem N2 5 points Phillips Company had the following financial data for the year ended 12/31/2019. Kash $42.000 Cash equivalents 80.000 Long term investments 55.000 Total current liabilities 148,000 What is the cash ratio as of December 31, 2019, for Phillips Company? (Round your answer to two decimal places.) A) 0.28 B) 0.37 C) 0.45 D) 0.82 Problem #3 10 points During July 2019, Midtown Catering recorded the following: Catering services of $100,000 were provided (575,500 on account, $24.500 for cash) Collections on account, $60,500 Write-offs of uncollectible receivables, $3,000 Recovery of receivable previously written off, $2,000 Journalize Midtown's transactions during July, assuming Midtown uses the allowance method. Date Debit Credit Accounts