Check my work Selected current year-end financial statements of Cabot Corporation follow. (All sales were on credit, selected balance sheet amounts at December 31 of the prior year were inventory, $48,900, total assets, $259,400, common stock. $90,000; and retained earnings, $38.862) CABOT CORPORATION Income Statement For Current Year Ended December 31 Sales $ 448,600 Cost of goods sold 298,150 Gross profit 150,450 Operating expenses 99.600 Interest expense 4.400 Income before taxes 46,450 Income tax expense 18.712 Net income 5 27,738 $ Assets Cash Short-term investments Accounts receivable, net Merchandise inventory CABOT CORPORATION Balance Sheet December 31 Liabilities and Equity $ 22,000 Accounts payable 9,000 Accrued wages payable 30,400 Income taxes payable 34,150 Long-term note payable, secured by mortgage on plant assets 2,950 Common stock 148,300 Retained earnings $ 246,800 Total liabilities and equity 17,500 3,200 3,109 66,400 Prepaid expenses Plant assets, net Total assets 90,000 66,600 $ 246,800 Complete this question by entering your answers in the tabs below. Req 1 and 2 Reg 3 Req 4 Req 5 Req 6 Reg 7 Req 8 Req 9 Req 10 Reg 11 Compute the current ratio and acid-test ratio. (1) Choose Numerator: Current Ratio Choose Denominator: 1 1 Current Ratio Current ratio 1 to 1 (2) Choose Numerator: Acid.Test Ratio 1 Choose Denominator: 1 1 Acid Test Ratio Acid-Test Ratio to 1 Req3 >