Comparative financial statement data of Sanfield, Inc. follow: (Click the icon to view the income statement.) Click the icon to view the add E: (Click the icon to view the balance sheet.) Read the requirements. Comparative Income Statement Years Ended December 31, 2018 and 2017 2018 2017 Requirement 1a. Compute the current ratios for 2018 and 2017. $ Begin by selecting the formula to compute the current ratio. Net Sales Revenue Cost of Goods Sold Gross Profit 462,000 $ 430,000 236,000 213,000 Current ratio = || 226,000 135,000 217,000 133,000 1 Additional Financial Information Operating Expenses Income From Operations 91,000 8,000 84,000 12,000 Interest Expense Income Before Income Tax 1. Market price of Sanfield's common stock: $51.48 at December 31, 2018, and $37.08 at December 31, 2017. 2. Common shares outstanding: 16,000 on December 31, 2018 and 15,000 on December 31, 2017 and 2016. 3. All sales are on credit. Income Tax Expense 83,000 18,000 65,000 $ 72,000 22,000 50,000 $ Net Income Print Done Sanfield, Inc. Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 2016* Assets Current Assets: Cash $ Accounts Receivables, Net 99,000 $ 109,000 142,000 15,000 97,000 117,000 $ 100,000 164,000 207,000 5,000 Merchandise Inventory Prepaid Expenses Total Current Assets 365,000 215,000 383,000 177,000 Property, Plant, and Equipment, Net 215,000 177,000 Property, Plant, and Equipment, Net $ 580,000 $ 560,000 Total Assets $599,000 Liabilities Total Current Liabilities $ 222,000 $ 113,000 244,000 92,000 Long-term Liabilities Total Liabilities 335,000 336,000 Stockholders' Equity Preferred Stock, 4% 92,000 153,000 92,000 132,000 Common Stockholders' Equity, no par 85,000 $ ; 580,000 $ 560,000 Total Liabilities and Stockholders' Equity * Selected 2016 amounts