The comparative financial statements of PerfectionPerfectionCosmetic Supply for 20182018,20172017,and2016 2016 include the data shown here:

Requirement 1a. Compute the acid-test ratio for 20182018 and 20172017.

(Round to two decimals.) (Abbreviations used: Cash = Cash including cash equivalents; ST invest. = short-term investments. Round the acid test ratios to two decimals, X.XX.)

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P8-34A (similar to) Question Help The comparative financial statements of Perfection Cosmetic Supply for 2018, 2017, and 2016 include the data shown here: (Click the icon to view the comparative financial data.) Read the reguirements Requirement 1a. Compute the acid-test ratio for 2018 and 2017. (Round to two decimals.) (Abbreviations used: Cash = Cash including cash equivalents; ST invest. short-term investments. Round the acid test ratios to two decimals, X.XX.) Total current assets Total current liabilities Acid-test ratio = 2018 2017 - X i Requirements 1. Compute these ratios for 2018 and 2017: a. Acid-test ratio (Round to two decimals.) b. Accounts receivable turnover (Round to two decimals.) c. Days' sales in receivables (Round to the nearest whole day.) 2. Considering each ratio individually, which ratios improved from 2017 to 2018 and which ratios deteriorated? Is the trend favorable or unfavorable for the company? Print Done 6/22/2019 Data Table 2018 2017 2016 Balance sheet-partial Current Assets Cash 75,000 $ 65,000 70,000 $ Short-term Investments 135,000 185,000 115,000 Accounts Receivable, Net 265,000 245,000 230,000 Merchandise Inventory 350,000 335,000 280,000 50,000 20,000 45,000 Prepaid Expenses Total Current Assets 875,000 855,000 735,000 Total Current Liabilities 555,000 625,000 635,000 Income statement-partial Net Sales (all on account) 5,860,000 5,140,000 4,240,000