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 2017 33,031 37,111 36,780 92,016 65, 600 51,042 116,861 85,818 54,909 10,534 10,0374,128 291,097 270,002 232,241 $543,539 $ 468,568 $379,100 Liabilities and Equity Accounts payable Long-term notes payable secured by $ 136,695 79,188 50,041 mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity 104,229 104,538 83,781 162,500 162,500 162,500 140,115 122,342 82,778 $543,539 $ 468,568 $ 379,100 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the current ratio for the years ended December 31, 2017, 2016, and 2015. Current Ratio Choose Denominator Choose Numerator: Current Rat 2017: 2016 2015: Current ratio to 1 to 1 to 1 Exercise 13-7 Liquidity analysis LO P3 Simon Company's year-end balance sheets follow 2017 2016 2015 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets 33,031 $ 37,111 $ 36,780 92,016 65,600 51,042 116,861 85,818 54,909 10,534 10,037 4,128 270,002 232,241 543,539 $46B,568 $379,100 291,097 Liabilities and Equity Accounts payable Long-term notes payable secured by 136,695 79,188 $ 50,041 mortgages on plant assets Common stock, $10 par value Retained earnings 104,229 104,53883,781 162,500 162,500 162,500 140,115 Total liabilities and equity $543,539 $468,568 $379,100 1. Compute the current ratio for the year ended 2017, 2016, and 20195 2. Compute the acid-test ratio for the year ended 2017, 2016, and 2015 Complete this question by entering your answers in the tabs below Required 1 Repuired 2 Compute the acid-test ratio for the years ended December 31, 2017, 2016, and 2015 Choose Numerator l Choose Denominator Acid-Test Acid-test ratio 2017 2016: 2015: to 1 to 1 to 1 Required 1