Use the following information for the next four questions Maximus has the following balance sheet (in millions): 7. What is the current ratio? 8. Given that Maximus' receivable period (on a 360-day basis) is 40, which is above the industry average of 30 . Determine the average daily sales 9. Determine the new level of receivables to achieve the industry average receivable period with sales remaining the same. 10. Assume that Maximus is able to reduce its receivable period to the industry average with sales remaining the same and that it uses the freed-up cash (from the receivables) to reduce its outstanding notes payable. Determine the new current ratio