Compute the below ratios with the information provided.

Booker Corporation had the following comparative current assets and current liabilities: Dec. 31, 2017 Dec. 31 2016 Current assets 60,000 Cash 30,000 10,000 40,000 Short-term investments 95,000 Accounts receivable 55,000 90,000 110,000 Inventory 20,000 Prepaid expenses 35,000 $300,000 $245,000 Total current assets Current liabilities $110,000 $140,000 Accounts payable 40,000 30,000 Salaries payable FOR INSTRUCTOR USE ONLY Accounting in Action 1 1958 15,000 20,000 Income tax payable $155,000 $200,000 Total current liabilities During 2017, credit sales and cost of goods sold were $750,000 and $400,000, respectively