Balance sheets Income statement Cartwright's Balance Sheets December 31, 2017 and 2016 Cartwrigh's Income Statement For The Year Ended December 31, 2017 2017 2016 2017 Assets Current assets Cash Short-term investments Accounts receivable Inventory Other current assets Sales revenues Less: Cost of goods sold Gross profit Less: Operating expenses Operating income Less: Interest expense 34,988,900 21,766,030 13,222,870 5,088,250 8,134,620 217,800 7,916,820 1,925,750 5,991,070 $1,200,000 $ 810,000 260,000 378,500 4,190,000 409,500 $6,688,000 $ 6,048,000 11,620,000 $ 18,125,000 $ 17,668,000 203,200 100,800 4,676,000 508,000 Income before income taxes Total current assets Other noncurrent assets Total assets Less: Income tax expense 11,437,000 Net income Print Done Cartwright's, a home-improvement store chain, reported these summarized figures |( a. Compute Cartwright's current ratio at December 31, 2017 and 2016. Click the icon to view the income statement)B (Click the icon to view the balance sheets) b. Did Cartwright's current ratio improve, deteriorate, or hold steady during 2017? a. Compute Cartwright's current ratio at December 31, 2017 and 2016. (Round your answers to two decimal places.) First enter the formula, then compute the current ratio for each year. Current assets Current liabilities Current ratio 2017 6,688,000 4,400,000 1.52 2016