QS 4-14 Computing and interpreting acid-test ratio LO A1 Cash Accounts receivable Inventory $1,370 2,107 4,400 Prepaid expenses Accounts payable Other current liabilities s 600 4,800 900 Use the above information on current assets and current liabilities to compute the acid-test ratio. Acid-Test Ratio Choose Denominator: Choose Numerator: Acid-Test Ratio Acid-test ratio 0 to 1 / II Sales Sales discounts Sales returns and allowances Cont of goods sold Carrier Lennox Trane York $ 162,000 $790,000 $50,000 $ 269,000 5,000 18,000 600 4,600 20,000 6,000 5,100 1,400 91,516 473,388 34,111 130,448 Compute net sales, gross profit, and the gross morgin ratio for each of the four separate companies. (Round your gross margin ratio to 1 decimal place; le: 0.2367 should be entered as 23.7%.) Carrier Lennox Trane York Net sales Gross profit Gross margin ratio