P-F:9-35A Using ratio data to evaluate a company's financial position (Learning Objective 5) The comparative financial statements of Norfolk Cosmetic Supply for 2024, 2023, and 2022 include the data shown here: Balance sheet-partial Current Assets: Cash Short-term investments Accounts Receivable, Net Merchandise Inventory Prepaid Expenses Total Current Assets Total Current Liabilities Income statement-partial Net Sales (all on account) Requirements 2024 $70,000 140,000 280,000 355,000 70,000 915,000 560,000 2023 2022 $ 60,000 $ 50,000 170,000 120,000 240,000 260,000 330,000 310,000 35,000 35,000 835,000 775,000 630,000 640,000 5,890,000 5,130,000 4,210,000 1. Compute these ratios for 2024 and 2023: 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.) 2. Considering each ratio individually, which ratios improved from 2023 to 2024 and which ratios deteriorated? Is the trend favorable or unfavorable for the company?

P-F:9-35A Using ratio data to evaluate a company's financial position (Leming Objective 5) The comparative financial statements of Norfolk Cosmetic Supply for 2024, 2023, and 2022 indude the data shown here: Requivements 1. Compute these ratios for 2024 and 2023: a. Acid-test ratio (Round to two decimals.) b. Accounts receivable tumover (Round to two decimals.) c. Days's sales in receivables (Round to the nearest whole day.) 2. Considering each ratio individually, which ratios improved from 2023 to 2024 and which ratios deteriorated? Is the trend favorable or unfavorable for the company