Sve Homework: Chapter 8 Homework Score: 0 of 20 pts 6 of 6 (0 completo) HW Score: 0%, 0 of 100 p E8-26 (similar to) Question Help Chippewa Carpets reported the following amounts in its 2018 financial statements. The 2017 figures are given for comparison (Click the icon to view the comparative financial information) Read the requirements Requirement 1. Calculate Chippewa's acid-test ratio for 2018. (Round to two decimals.)Determine whether Chippewa's acid-test ratio improved or deteriorated fr 2017 to 2018. How does Chippewa's acid-test ratio compare with the industry average of 0.807 (Abbreviations used: Cash - Cash including cash equivalenta ST Invest short-term investments. Round the acid test ratio to two decimals, X.XX.) Calculate the acid-test ratio for both years. Acid-test ratio 2018 2017 Data Table 2018 2017 7,000 Balance sheet-partial Current Assets: Cash Short-term Investments Accounts Receivable Less: Allowance for Bad Debts Merchandise Inventory 13,000 7.000 18,000 $ 60,000 (7,000) $ 73,000 53,000 (6,000) 196,000 5,500 67.000 192.000 5,500 Prepaid Insurance 279,500 108,000 284,500 110,000 Total Current Assets Total Current Liabilities Income statement-partial Net Sales (all on account) 672,000 732,000 Print Done y list or enter any number in the input fields and then click Check