1. Extracts from the balance sheet of Michigan, Inc. are as follows 2017 Assets Current Assets: Cash and Cash Equivalents Accounts Receivable, Net Merchandise Inventory Total Current Assets Long-term Investments Property, Plant, and Equipment, Net Total Assets Total Current Liabilities Compute the acid-test ratio. $30,000 65,000 50,000 145,000 150,000 250,000 $545,000 $150,000