Attempt 1 Down Browser + Webcam Additional Formulas: 18. Annual sales growth = (Sales of current year-Sales of prior year) / Sales of 19. Annual profit growth = (Net earnings of current year-Net earnings of prior prior year 20. Gross profit margin = (Sales - Cost of sales) / Sales 21. Average days to collect receivables = 365 / Receivables turnover ratio On May 1 XYX Inc. purchased $ 12000 inventory on credit from one of its suppliers. Prior to the purchase, XYX Inc, had current liabilities of 85000 and a quick ratio of 2. Calculate XYX Inc's new quick ratio after the purchase of inventory on credit. Round your answer to two decimal places, e.g., 0.86. Quick assets are defined as cash and near-cash assets, including cash, short-term investments, and accounts receivable (net of allowance for doubtful accounts) and excluding inventories Your Answer: Answer Question 20 (2 points)