A B 1 Balance sheet item: 2. 3 4 Current Year Preceding Year $ 14,200 $ $ 23,500 $ 5,320 $ 25,000 4 $ 74,000 Cash Short-term investments Net receivables Inventory Prepaid expenses Total current assets Total current liabilities 56,000 $ 80,000 $ 5 $ 68,000 8,500 6 $ 7 $ 10,860 $ 166,380 $ 118,000 $ 199,000 8 $ 90,000 9 10 Income statement: 11 Net credit sales $ 456,250 12 Cost of goods sold $ 321,900 Compute the following ratios for the current year for Virginia's Crafts: a. Current ratio b. Acid-test ratio C. Inventory turnover d. Days' sales in average receivables (assume all sales are on credit) Virginia's Crafts has provided the following data: (Click the icon to view the financial information.) Read the requirements. a. Current ratio Enter the formula on the first line, then calculate the ratio on the second line. (Round your answer to two decimal places, X.XX.) Current ratio = Average inventory Cost of goods sold Current assets Current liabilities Total assets Total liabilities