Highland Products reported the following amounts in its 2017 financial statements. The 2016 amounts are given for comparison.

Requirements
1. Compute Highland'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 0.92?
2. Compare days' sales outstanding for 2017 with the company's credit terms of net 30 days.

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2017 2016 Current assets: S 9,700 15,000 $ 9,700 11,500 Cash Accounts receivable.... $87,500 $77,000 Less: Allowance for 8,200 79,300 uncollectibles 16,200 70,800 Inventory... Prepaid insurance. Total current asset 193,000 2,400 299,400 100,000 777,450 195,000 2,400 289,400 109,000 733,000 Net sales (all on account..