ACCT 3110 Tomassini Corporation Balance Sheet December 31, 2016 (S in 000s) $ 150 400 500 200 250 Assets: Cash Inventories Property, plant, and equipment (net.. ) Total assets.. Liabilities and Shareholders' Equity: Current liabilities...S 600 Long-term liabilities Paid-in capital 1,000 Total liabilities and shareholders' equity S2.250 The year 2016 balance sheet for the Tomassini Corporation is shown above. The company's 2016 income statement reported the following amounts (S in thousands): Net sales Interest expense Income tax expense Net income $6,600 30 200 260 Required (6 points): Compute the following ratios for 2016 (with the formula for calculation) a. Acid-test ratio b. Times interest earned ratio