The comparative financial statements of Lomax Cosmetic Supply for 2024, 2023, and 2022 include the data shown here: (Click the icon to view the comparative financial data.) The comparative financial statements of Lomax Cosmetic Supply for 2024, 2023, and 2022 include the data shown here: (Click the icon to view the comparative financial data.) equirement 1a. Compute the acid-test ratio for 2024 and 2023. (Round to two decimals.) (Abbreviations used: Cash = Cash including cas ee acid test ratios to two decimals, X.XX.) Requirements 1. Journalize the transactions for Champion Performance Cell Phones using the direct write-off method. Ignore Cost of Goods Sold. 2. What are some limitations that Champion Performance will encounter when using the direct write-off method