a-1. Calculate the current ratio at the end of January. Current Ratio Choose Numerator Choose Denominator Current Assets Current Liabilities $ 219,280 - $ 105,275 = Current Ratio Current Ratio 2.08 a-2. If the average current ratio for the industry is 1.80, is ACME Fireworks more or less liquid than the industry average? More liquid O Less liquid Requirement 2: b-1. Calculate the acid-test ratio at the end of January. = Acid-test Ratio Choose Numerator Choose Denominator Quick Assets - Current Liabilities 217,000+ $ 105,275) = = Acid-test Ratio Acid-test Ratio 2.06 [The following information applies to the questions displayed below.) On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Credit Debit $ 25,600 47,200 $ 4,700 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2022) Common Stock Retained Earnings Totals 20,500 51,000 17,500 2,000 29,000 55,000 40,000 31,100 $161,800 $161,800 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $152,000. January 15 Firework sales for the first half of the month total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $5,300. January 30 Firework sales for the second half of the month total $148,000. Sales include $10,000 for cash and $138,000 on account. The cost of the units sold is $82,000. January 31 Pay cash for monthly salaries, $52,500. Requirement 3: C-1. Assume the notes payable were due on April 1, 2021, rather than April 1, 2022. Calculate the revised current ratio at the end of January Current Ratio Choose Numerator Choose Denominator Current Ratio Current Assets Current Liabilities Current Ratio times