Exercise 13-7 Liquidity analysis LO P3 Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable 2017 016 201 $36, 500 $40, 975 $43,563 101,599 72,446 57,514 133,00995,733 61,259 11,63810,867 4,793 329,773308, 913 264,271 $612,519 $528,034 $431,400 $152,517$ 87,453 $ 56,375 Aenguterm pnotes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity 114,e02 121,448 93,433 162,500 162,500 162,500 183,500 156,633 119,092 $612,519 $528,034 $431,400 1. Compute the current ratio for the year ended 2017, 2016, and 2015. 2. Compute the acid-test ratio for the year ended 2017, 2016, and 2015