28) The following information is available for Flanders and its two main competitors in the industry, Sanders and Anders: Cash Short-term investments Accounts receivable Merchandise inventory Equipment Accounts payable Salaries payable Wages payable Flanders Sanders Anders $ 9,800 $ 10,500 $ 26,500 6,400 8,200 12,500 12,500 8,500 14,350 30,150 40,000 40,150 900 6,750 2,450 19,400 13,750 26,800 1,200 3,500 6,250 600 1,200 2,150 The industry standard for the acid-test ratio is 1. Required: 1. Calculate the acid-test ratio for each firm. 2. Rank the firms in decreasing order of liquidity. 3. Comment on Flanders' relative liquidity position.