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= Homework: Assignment 20 Question 1, E12-21A (similar to) Part 4 of 11 HW Score: 9.35%, 0.94 of 10 points Points: 0.94 of 3 Save The financial statements of Seasonal News, Inc., include the following items: E: (Click the icon to view the financial statements.) - x Data table Read the requirements --- 2018 2017 2016 b. Quick (acid-test) ratio. Balance sheet: Select the formula and then enter the amounts to calculate the acid-test ratio. (Abbreviations used: Avg = average, ST = short-term, a Cash $ 41,000 $ 67,000 Cash* ST investments + Short-term investments Net receivables 16,000 + = Acid-test ratio 0.95 2018 ( $ 41,000 + $ 16,000 $ + 17 Current liabilities )/ $ 139,000 98,000 75,000 20,000 Net receivables Inventory 22,000 78,000 78,000 13,000 2017 ($ 67,000 + $ 22,000 $ 78,000 75,000 91,000 8,000 )/ $ + 1.70 57,000 Prepaid expenses c. Inventory turnover and days' inventory outstanding (DIO). Total current assets 231,000 258,000 Begin by selecting the formula and then enter the amounts to calculate inventory turnover. (Round the ratios to two decimal places, X Accounts payable 72,000 15,000 / Cost of goods sold 272,000 30,000 139,000 = Inventory turnover 3.22 Total current liabilities 98,000 2018 $ Average inventory 84,500 67,500 / $ Income statement: 2017 $ 283,000 / $ 4.19 Net credit sales $ 501,000 $ 505,000 283,000 Now, select the formula and then enter the amounts to calculate days' inventory outstanding (DIO). (Enter formula ratios to two decima Cost of goods sold 272,000 = Days' inventory outstanding (DIO) 2018 2017 ( Print Done