Reference no: EM132647621

Mansfield Office Furniture Store reported the following selected items at December 31, 2019 (previous year - 2018 - amounts are also given as needed):

Cash $ 50,000

Accounts Receivable, net:

Dec. 31, 2019 75,000
Dec. 31, 2018 63,000
Accounts Payable 55,000
Cost of Goods Sold 375,000

Merchandise Inventory

Dec. 31, 2019 240,000
Dec. 31, 2018 220,000
Net Credit Sales Revenue 820,000
Long-Term Assets 320,000
Long-Term Liabilities 240,000
Other Current Assets 135,000
Other Current Liabilities 125,000
Short-term Investments 80,000

Problem 1: Compute Mansfield's (a) acid-test ratio; (b) accounts receivable turnover ratio (round to 2 decimal places); and (c) days' sales in receivables for 2019 (round to the nearest day). Show your computations.