Chippewa Carpets reported the following amounts in its 2024 financial statements. The 2023 figures are given for comparison. (Click the icon to view the comparative financial information.) Read the requirements. Requirement 1. Calculate Chippewa's acid-test ratio for 2024. (Round to two decimals.) Determine whether Chippewa's acid-test ratio improved or deteriorated from 2023 to 2024. How does Chippewa's acid-test ratio compare with the industry average of 0.80? (Abbreviations used: Cash Cash including cash equivalents; ST invest. = short-term investments. Round the acid test ratio to two decimals, X.XX.) Calculate the acid-test ratio for both years. 2024 2023 (Cash + ST invest. + Net current receivables) + Total current liabilities = = Acid-test ratio

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