l AaBbcci ct AaBbct AaBbcct Heading 5 T Normal 1 No Spac... Heading 1 Heading 2 Replace BIUX, ADA inter Font Paragraph Styles Question 2 Mark had the following balances in selected accounts at the end of 2015 and 2016 Tulsie Ramda 2015 2016 Cash $58,000 $45,000 Short-term investments 46,000 39.000 Accounts receivable 54.000 61000 Allowance for uncollectible 3,500 5,000 accounts Inventory 78.000 98.000 Accounts payable 91 000 102 000 Wages payable 17 000 25.000 Income tax payable 4.500 6,500 Note payable (due 2022) 100.000 100.000 Sales 415.000 525 000 Cost of goods sold 225.000 304.000 The accounts receivable at the end of 2014 were $50,000 and the allowance for uncollectible accounts was $2,500 Required: 1) Calculate the acid test ratio for 2015 and 2016 2) Calculate the days sales in receivables for 2015 and 2016. 3) Determine whether the acid-test ratio improved or deteriorated from 2015 to 2016, 4) Determine whether the collection period increased or decreased from 2015 to 2016 Audio (Alt+A). Or you can simply press and hold the soch Dalia Manjot AaBbCcl AabbCct AaBbcc AaBb C AE Heading 5 1 Normal 1 No Spac... Heading 1 Hea PA * E Paragraph a Styles Question 2 Mark had the following balances in selected accounts at the end of 2015 and 2016. 2015 $58,000 46,000 54,000 3,500 2016 $45,000 39,000 61.000 5,000 Cash Short-term investments Accounts receivable Allowance for uncollectible accounts Inventory Accounts payable Wages payable Income tax payable Note payable (due 2022) Sales Cost of goods sold 78,000 91,000 17 000 4,500 100,000 415,000 225.000 98,000 102,000 25,000 6,500 100.000 525,000 304,000 The accounts receivable at the end of 2014 were $50,000 and the allowance for uncollectible accounts was $2,500. Required: 1) Calculate the acid test ratio for 2015 and 2016. 2) Calculate the days sales in receivables for 2015 and 2016. 3) Determine whether the acid-test ratio improved or deteriorated from 2015 to 2016. 4) Determine whether the collection period increased or decreased from 2015 to 2016. and hold the space harta