(a) Current ratio Select the formula labels and then enter the amounts to calculate the current ratio. Current assets Current liabilities Current ratio 109400 86500 (b) Acid test ratio Select the formula labels and then enter the amounts to calculate the acid test ratio. (Abbreviations used: AR = accounts receivable; Merch. = merchandise; NI = net income; and Stk = stockholders'.) Current assets Merch. inventory Prepaid expenses Current liabilities Acid test ratio 109400 57200 4600 86500 (c) Accounts receivable turnover Select the formula labels and then enter the amounts to calculate the accounts receivable turnover. Net credit sales Average accounts receivable = Accounts receivable turnover 460000 39600 11 d) Average collection period