1 The 2021 balance sheet for Hallbrook Industries, Inc., is shown below. HALLBROOK INDUSTRIES, INC. Balance Sheet December 31, 2021 ($ in thousands) 2 points Assets Cash Short-term investments 320 270 Accounts receivable Inventory Property, plant, and equipment (net) Total assets Liabilities and Shareholders' Equity Current liabilities 320 390 2,200 $ 3,500 $ 520 Long-term liabilities Paid-in capital 470 1,350 Retained earnings 1,160 Total liabilities and shareholders' equity $ 3,500 The company's 2021 income statement reported the following amounts ($ in thousands): Net sales Interest expense $5,800 60 Income tax expense Net income 110 280 Required: 1. Calculate the current ratio. (Round your answer to 2 decimal places.) 2. Calculate the acid-test ratio. (Round your answer to 3 decimal places.) 3. Calculate the debt to equity ratio. (Round your answer to 2 decimal places.) 4. Calculate the times interest earned ratio. (Round your answer to 1 decimal place.) Required: 1. Calculate the current ratio. (Round your answer to 2 decimal places.) 2. Calculate the acid-test ratio. (Round your answer to 3 decimal places.) 3. Calculate the debt to equity ratio. (Round your answer to 2 decimal places.) 4. Calculate the times interest earned ratio. (Round your answer to 1 decimal place.) Answer is complete but not entirely correct. 1. Current ratio 2.50 2. Acid-test ratio 1.750 3. Debt to equity ratio 0.19 4. Times interest earned ratio 7.5 times