11 Problem 3-17 Calculating Financial Ratios (LO2) 3.63 points Just Dew It Corporation reports the following balance sheet information for 2020 and 2021. 2020 2021 eBook Assets Current assets Cash Accounts receivable Inventory JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets 2020 2021 Liabilities and Owners' Equity Current liabilities $ 8,250 $ 12,240 Accounts payable 34,500 40,560 Notes payable 58,500 86,160 $ 43,500 $ 48,240 29,625 32,160 Print 0 Total $ 101,250 $ 138,960 Total $ 73,125 $ 80,400 References Long-term debt $ 45,000 $ 36,000 Owners' equity Common stock and paid-in surplus $ 60,000 $ 60,000 Retained earnings 196,875 303,600 Net plant and equipment $ 273,750 $ 341,040 Total $ 256,875 $ 363,600 Total assets $ 375,000 $ 480,000 Total liabilities and owners' equity $ 375,000 $ 480,000 Based on the balance sheets given for Just Dew It: a. Calculate the current ratio for each year. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) b. Calculate the quick ratio for each year. (Do not round intermediate calculations and round vour answers to 2 decimal places. e.a. 32.16.) Mc Graw Hill