Question 3 Dunder Mifflin had the following balances in selected accounts at the end of 2015 and 2016. Cash Short-term investments Accounts receivable Allowance for uncollectible accounts Inventory Accounts payable Wapes payable Income tax payable Note payable (due 2022) Sales Cost of goods sold 2015 $58,000 46,000 54,000 3,500 78,000 91.000 17,000 4,500 100,000 415,000 225.000 2016 $45,000 39,000 61,000 5,000 98,000 102,000 25,000 6,500 100,000 525,000 304,000 The accounts receivable at the end of 2014 were $50,000 and the allowance for uncollectible accounts was $2,500 1. Calculate the acid test ratio for 2015 and 2016 for Dunder Mifflin. 2. Calculate the days sales in receivables for 2015 and 2016 for Dunder Mifflin. 3. Determine whether the acid-test ratio improved or deteriorated from 2015 to 2016 4. Determine whether the collection period increased or decreased from 2015 to 2016