Barking Shark International Corporation Balance Sheet December 31, 2017 and 2016 2017 2016 Current assets Cash $ 10,000 $ 5,000 Short-term investments 7,000 10,000 Accounts receivable, net 30,000 23,000 Inventory 37,000 35,000 Prepaid expenses 4,000 3,000 Total current assets $ 88,000 $ 76,000 Property, plant, and equipment, net 33,300 35,000 Other assets 27,000 22,500 Total assets $148,300 $133,500 Current liabilities Short-term borrowings $ 28,400 $ 13,900 Accounts payable 20,000 22,500 Total current liabilities $48,400 $36,400 Non-current debt 37,500 33,000 Total liabilities $85,900 $69,400 Shareholders' equity Common shares $20,000 $20,000 Retained earnings 42,400 44,100 Total shareholders' equity $62,400 $64,100 Total liabilities and shareholders' equity $148,300 $133,500 Additional information: Net income from operations 2017 $22,400 Interest expense $2,650 Depreciation expense $1,700 Cost of goods sold $136,000 Net credit sales $375,000 Industry bench marks: current ratio 1.50 acid test 1.00 debt ratio .62 inventory turnover 4.10 receivable turnover 30.1 Calculate the following 2017 ratios for Barking Shark International: Current ratio Acid test Inventory turnover Accounts receivable turnover Debt ratio Times interest earned Based upon your calculations comment on Barking Sharks ability to: 1) pay their current liabilities 2) meet their overall liabilities 3) to sell inventory and collect accounts receivables.