bjective 5 P8-41B Using ratio data to evaluate a company's financial position The comparative financial statements of Newton Cosmetic Supply for 2018, 2017, and 2016 include the data shown here: bles (2018) 18 days 2018 2017 2016 Balance sheet-partial Current Assets: Cash Short-term investment Accounts Receivable, Net Merchandise Inventory Prepaid Expenses Total Current Assets Total Current Liabilities Income statement-partial Net Sales (all on account) 80,000 150,000 310,000 360,000 50,000 950,000 530,000 50,000 170,000 260,000 335,000 30,000 845,000 630,000 $ 30,000 125,000 220,000 330,000 35,000 740,000 670,000 5,850,000 5,110,000 425,000 Requirements 1. Compute these ratios for 2018 and 2017: a. Acid-test ratio (Round to two decimals.) b. Accounts receivable turnover (Round to two decimals.) c. Days' sales in receivables (Round to the nearest whole day.) fem 2017 2018 and bjective 5 P8-41B Using ratio data to evaluate a company's financial position The comparative financial statements of Newton Cosmetic Supply for 2018, 2017, and 2016 include the data shown here: bles (2018) 18 days 2018 2017 2016 Balance sheet-partial Current Assets: Cash Short-term investment Accounts Receivable, Net Merchandise Inventory Prepaid Expenses Total Current Assets Total Current Liabilities Income statement-partial Net Sales (all on account) 80,000 150,000 310,000 360,000 50,000 950,000 530,000 50,000 170,000 260,000 335,000 30,000 845,000 630,000 $ 30,000 125,000 220,000 330,000 35,000 740,000 670,000 5,850,000 5,110,000 425,000 Requirements 1. Compute these ratios for 2018 and 2017: a. Acid-test ratio (Round to two decimals.) b. Accounts receivable turnover (Round to two decimals.) c. Days' sales in receivables (Round to the nearest whole day.) fem 2017 2018 and