Show all work and full equations. 8. Given the following information, compute the current and quick ratiosCash $100,000Accounts receivable $357,000Inventory $458,000Current Liabilities $498,000Long Term debt $610,000Equity $598,0009. If a firm has sales of $25,689,000 a year, and the average collection period for the industry is 45 days, what should this firm’s accounts receivable be if the firm is comparable to the industry?11. A firm with sales of $500,000 has average inventory of $200,000. The industry average for inventory turnover is four times a year. What would be the reduction in inventory if this firm were to achieve a turnover comparable to the industry average?
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