Exercise 5-7 a-b The following data are from the 2017 financial report of Bonita Clothing Company: 2017 2016 Current assets: Cash Short-term investments Accounts receivable (net) Inventory Prepaid insurance Total current assets Current liabilities: Accounts payable Salaries and wages payable Notes payable Total current liabilities $15,600 224,400 90,200 49,800 20,700 $400,700 $30,600 9,600 94,200 225,700 24,500 $384,600 $75,700 9,900 377,400 $463,000 $62,800 10,200 100,600 $173,600 Based upon the above data, compute the following for Bonita Clothing Company for both 2016 and 2017: (Round current ratio to 2 decimal places, e. g. 1.25 and quick ratio to 3 decimal places, e.g. 1.246.) (1) (2) The current ratio The quick ratio 2017 2016 Based upon the above data, compute the following for Bonita Clothing Company for both 2016 and 2017: (Round current ratio to 2 decimal places, e. g. 1.25 and quick ratio to 3 decimal places, e.g. 1.246.) (1) (2) The current ratio The quick ratio 2017 2016 Current Ratio Quick Ratio LINK TO TEXT Assume that net credit sales for the years ended December 31, 2016, and 2017, were $776,800 and $794,200, respectively, and that the balance of accounts receivable as of January 1, 2016, was $99,800. Compute the receivables turnover and days outstanding for both years. (Round receivables turnover to 2 decimal places, e. g. 1.25 and number of days outstanding to 3 decimal places, e.g. 1.246.) 2017 2016 Receivables Turnover Number of Days Outstanding Click If you would like to Show Work for this question: Open Show Work