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Homework: Ch. 5 HW HW Score: 3.33%, 0.33 o 7 of 8 (1 complete) Score: 0.33 of 2 pts EQuestion He & S5-15 (similar to) Southen Products reported the following amounts in its 2017 financial statements. The 2016 amounts are given for comparison. (aick the icon to view the financial data.) 1. Compute Southern'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 0.927 2. Compare days' sales outstanding for 2017 with the company's credit terms of net 30 days. Requirement 1. Compute Southern'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 0.927 Begin by selecting the formula, then enter the amounts and compute the quick (acid-test) ratio.(Abbreviation used: Cash" Cash and cash equivalents. Round the quick (acid-lest) ratio to two decimal places.) Cash"+ Short-term investments Net current receivablesTotal current liabilities Quick (acid-test) ratio Current assets $9,850 6,500 9,850 13,500 Cash Accounts receivable 75,300 Less: Allowance for uncollectibles Inventory Prepaid insurance . .. Total current assets (3,500) 71,800 189,000 2,200 286,350 111,000 734,000 . 87,000 2,200 294,550 107,500 1,131,000 Total current liabilities. .. Net sales (all on account) Homework: Ch. 5 HW Score: 0 of 2 pts E5-18A (similar to) Save 8 of 8 (1 complete) MN Score: 3.33%, 0.33 of 10 pts Question Help * Fresh Interiors reported the following transactions in June (Click on the icon to view the transactions.) 1. Record the foregoing transactions in the jourmal of Fresh Interiors. (You do not need to make the cost of sales, estimated refunds, or cost of estimated retums joumal entries; assume that these entries will be made by the company when it 2. Prepare a computation of net sales for the month of June. Requirement 1. Record the foregoing transactions in the journal of Fresh Interiors. (You do not need to make the cost of sales, estimated refunds, or cost of estmated returns jpurnal entries; assume that these entres wil be made by the makes its other adjusting entries at period end.) (Use the net method to record the sales transactions) company when it makes its other adjusting entries at period end.) (Record debits first, then credits. Exclude explanasons from any journal entries) Jun 2: Sold merchandise on account to Erica Brown, $1,100, terms 2/10, n/30. Journal Entry Date Accounts Debit Credit Jun 2