Lab Task 1 & task 2 (due week 7): Please submit both tasks together on one pdf document. Do not forget to highlight your answers Lab task 1 1) The accountant at Parker & Sisters gathered the following selected accounting information: 20X9 20X8 $ 32,000 17,000 23,000 65,000 8,000 54.000 15,000 $ 40,000 Cash at bank Short-term investments 27,000 35,000 62,000 Accounts receivable (net) Inventory Prepaid expenses Accounts payable Salary payable Income taxes payable Debentures payable (due 20X9) 7,000 61,000 16,000 11,000 80,000 270,000 165,000 9,000 80,000 235,000 141,000 Net credit sales Cost of goods sold a) Calculate the acid-test ratio for 20X8 and 20X9. b) Calculate the days' sales in receivables for 20X8 and 20X9. The accounts receivable (net) at 31 December 20X7, were $39,000. c) Are the ratios improving or deteriorating? Explain