Abanaki Carpets reported the following amounts in its 2024 financial statements. The 2023 figures are given for comparison.

Requirements
1. Calculate Abanaki’s acid-test ratio for 2024. (Round to two decimals.) Determine whether Abanaki’s acid-test ratio improved or deteriorated from 2023 to 2024. How does Abanaki’s acid-test ratio compare with the industry average of 0.80?
2. Calculate Abanaki’s accounts receivable turnover ratio for 2024. (Round to two decimals.) How does Abanaki’s ratio compare to the industry average accounts receivable turnover of 10?
3. Calculate the days’ sales in receivables for 2024. (Round to the nearest day.) How do the results compare with Abanaki’s credit terms of net 30?

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Balance sheet partial Current Assets: Cash Short-term Investments Accounts Receivable Less: Allowance for Bad Debts Merchandise Inventory Prepaid Insurance Total Current Assets Total Current Liabilities Income statement partial Net Sales (all on account) 2024 $ 64,000 (7,000) $ 5,000 25,000 57,000 194,000 2,000 283,000 105,000 742,400 2023 $77,000 (6,000) $ 11,000 14,000 71,000 190,000 2,000 288,000 107,000 730,000