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 35,000 Property, plant, and equipment, net 33,300 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 S48.400 S36,400 Non-current debt Total liabilities 37.500 $85,900 33.000 $69.400 Shareholders' equity Common shares S20,000 $20,000 Retained earnings 42.400 44.100 Total shareholders' equity $62.400 Total liabilities and shareholders equity S148.300 $133.500 $64.100 522,400 Additional information: Net income from operations 2017 Interest expense S2,650 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 Interational: Current ratio Acid test Inventory turnover Accounts receivable turnover Debt ratio Times interest camned 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