Sandhill Co. follows ASPE. It manufactures sweatshirts for sale to athletic-wear retailers. The following summary information...

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Sandhill Co. follows ASPE. It manufactures sweatshirts for sale to athletic-wear retailers. The following summary information was available for Sandhill for the year ended December 31, 2022: Cash $16,000 Accounts receivable 45,000 Inventory 85,000 Accounts payable 57,000 Accrued liabilities 22,000 During 2023, Sandhill had the following transactions: 1 Total sales were $495,000. Of the total sales amount, $240,000 was on a credit basis. 2. On June 30, a $45,000 account receivable of a major customer was settled, with Sandhill accepting a $45,000, one-year, 11% note, with the interest payable at maturity. 3. Sandhill collected $190,000 on accounts receivable during the year. 4. At December 31, 2023, Cash had a balance of $17,000, Inventory had a balance of $84,000, Accounts Payable was $79,000, and Accrued Liabilities was $16,000. Calculate the current ratio and the receivables turnover ratio for Sandhill at December 31, 2023. (Round answers to 2 decimal places, e.g. 1.25.) Current Ratio Accounts Receivable Turnover times Sandhill Co. follows ASPE. It manufactures sweatshirts for sale to athletic-wear retailers. The following summary information was available for Sandhill for the year ended December 31, 2022: Cash $16,000 Accounts receivable 45,000 Inventory 85,000 Accounts payable 57,000 Accrued liabilities 22,000 During 2023, Sandhill had the following transactions: 1 Total sales were $495,000. Of the total sales amount, $240,000 was on a credit basis. 2. On June 30, a $45,000 account receivable of a major customer was settled, with Sandhill accepting a $45,000, one-year, 11% note, with the interest payable at maturity. 3. Sandhill collected $190,000 on accounts receivable during the year. 4. At December 31, 2023, Cash had a balance of $17,000, Inventory had a balance of $84,000, Accounts Payable was $79,000, and Accrued Liabilities was $16,000. Calculate the current ratio and the receivables turnover ratio for Sandhill at December 31, 2023. (Round answers to 2 decimal places, e.g. 1.25.) Current Ratio Accounts Receivable Turnover times