51200 103,790 93,500 $150,870 Operating expenses Tlet income Mixon Company's year-end balance sheets show the following 2006 2005 2004 3000 $ 35,625 36,300 88,500 62,500 49200 111,500 2,500 53,000 9,375 4,000 277,500 255,000 229,500 Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net .. Total assets 9,700 $518,000 $445,000 $372,500 Accounts payable Long-term notes payable secured $128,900 $75,250 $49,250 Common stock, $10 par value Retained earnings Total liabilities and equity by mortgages on plant assets97,500 102,500 82,500 162,500 162,500 162,500 129,100 104,750 78,250 $518,000 $445,000 $372,500 Required Compare the year-end short-term liquidity position of this company at the end of 2006, 2005, and 2004 by computing the: (a) current ratio and (b) acid-test ratio. Comment on the ratio results Reier to Mixon Company's balance sheets in Exercise 1-3. Express the balance sheets in common-size percents. Round to the nearest one-tenth of a percent