The financial statements of Velma's Natural Foods include the following items: Click the icon to view the financial statements.) Compute the fol (Click the lic a. Compute the current ratio for the current year. (Abbreviations used: STI = Short-term investments. Round your answer to two decimal places, X.XX.) Current ratio = Total current assets/Total current liabilities 1.28 b. Compute the cash ratio for the current year. (Round your answer to two decimal places, X.XX.) Cash ratio 365 days / Accounts receivable turnover ratio 365 days / Inventory turnover 365 days / Total current assets (Cash + Cash equivalents) / Total current liabilities (Cash + Prepaid expenses) / Total current liabilities (Cash + STI + Net current receivables) / Total current liabilities Cost of goods sold / Average merchandise inventory Gross profit/Net sales revenue Net sales revenue / Gross profit Total current assets / Total current liabilities Choose from any list or enter any number in the input fields and then click Check Answer - Financial Statements Current Year Preceding Year Balance Sheet: 17,000 $ 12,000 26,000 24,000 Cash Short-term Investments Net Accounts Receivables Merchandise Inventory 42,000 84,000 15,000 92,000 82,000 12,000 170,000 133,000 236,000 84,000 Prepaid Expenses Total Current Assets Total Current Liabilities Income Statement: Net Credit Sales Cost of Goods Sold $ 470,000 319,000 Print Done More Info a. Current ratio b. Cash ratio c. Acid-test ratio d. Inventory turnover e. Days' sales in inventory f. Days' sales in receivables g. Gross profit percentage Print Done