E4.16 (LO 4) AN Gildan Activewear Inc. is a leading manufacturer and marketer of family apparel, including T-shirts, fleece, sport shirts, socks, and shapewear. Its brands include American Apparel and Gold Toe. The following data (in thousands of U.S. dollars) were taken from Gildans financial statements: Calculate working capital, current ratio, and acid-test ratio, and comment on liquidity. December 31, 2017 Cash and cash equivalents $ 52,795 Trade accounts receivable 243,365 Inventories 945,738 January 1, 2017 $ 38,197 277,733 954,876 69,719 1,340,525 235,928 January 3, 2016 $ 50,675 306,132 851,033 45,774 1,253,614 233,221 Exercises 4-45 Income taxes receivable Prepaid expenses, deposits and other current assets Current assets Current liabilities Instructions 3,891 62,092 1,307,881 258,476 a. Calculate the working capital, current ratio, and acid-test ratio for each year. b. Discuss Gildans liquidity on December 31, 2017, compared with the two previous years.