Tovar Clothiers reported the following amounts in its 2015 financial statements. The 2014 amounts are given for comparison.

Requirements
1. Compute Tovar’s quick (acid-test) ratio at the end of 2015. Round to two decimal places. How does the quick (acid-test) compare with the industry average of 0.92?
2. Compare days’ sales in receivables for 2015 with the company’s credit terms of net 30days.

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2015 2014 Current asscts: Cash Short-term investments Accounts reccivable... $161,000 $ 18,000 20,500 S 18,60 27,500 S154,000 Lcss: Allowance for uncollectiblcs. 146,800 12,200) 141,800 404,000 4,100 588,400 220,000 1,462,000 Inventory Prepaid insurance.. Total current asscts 393,000 4,100 590,000 203,000 1,593,000 Total current liabilitics Nct salcs.