S5-15. (Learning Objective 7: Evaluate liquidity using the quick [acid-test] ratio and days sales in receivables) Highland Products reported the following amounts in its 2017 financial statements. The 2016 amounts are given for comparison. LO 7 2017 2016 Current assets: $ 9,700 15,000 $ 9,700 11,500 as Accounts receivabl.. $87,0 $77,000 Less: Allowance for 79,300 193,000 2,400 299,400 100,000 777,450 (6.200) 70,800 195,000 2,400 289,400 109,000 733,000 uncollectibles... (8,200) Inventory. Prepaid insurance.. Total current assets Total current liabilities.. Net sales (all on account).. Requirements 1. Compute Highland's quick (acid-test) ratio at the end of 2017. Round to two decimal places. How does the quick ratio compare with the industry average of 0.92? Compare days' sales outstanding for 2017 with the company's credit terms of net 30 days. 2