Algonquin Carpets reported the following amounts in its 2013 financial statements. The 2012 figures are given for comparison. Requirements1. Calculate Algonquins acid-test ratio for 2013. Determine whether Algonquins acid-test ratio improved or deteriorated from 2012 to 2013. How does Algonquins acid-test ratio compare with the industry average of 0.80?2. Calculate the days sales in receivables for 2013. How do the results compare with Algonquins credit terms of net 30?3. Calculate Algonquins accounts receivable turnover ratio. How does Algonquins ratio compare to the industry average accounts receivable turnover of10?
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