8. Given the financial statement shown here as Table P3.3 calculate the: (a) Current ratio (b) Quick ratio Table P3.3 Balance Sheet, Peachtree Construction (31 December 2016) Assets Current assets Cash $243,146 Accounts receivable Trade accounts 201,573 Retainage 42,147 Total accounts receivable 243,720 Material inventory 1,873 Work in process (costs and estimated earnings in excess of 76,142 billings) Prepaid expenses 6,148 Other current assets 782 Total current assets 571,811 Fixed assets Machinery and equipment 542,173 Cars and trucks 49,214 Furniture and fixtures 5.812 Total depreciable assets 597,199 Less accumulated depreciation 291.314 305,885 877.696 236,144 21,312 84,211 15,827 5.163 Net fixed assets Total assets Liabilities Current liabilities Accounts payable Retainage payable Notes payable Accrued liabilities Work in process (billings in excess of costs and estimated earnings) Other current liabilities Total current liabilities Long-term liabilities Total liabilities Net worth Capital stock Retained earnings Total net worth Total liabilities and net worth 1.421 364,078 138,481 502,559 15,000 360,137 375.137 $877,696