Exercise 13-7 Liquidity analysis LO P3 Simon Company's year-end balance sheets follow At December 31 2017 2016 2015 Assets Cash $ 29,678 $ 34,691 $ 35,063 Accounts receivable, net Merchandise inventory Prepaid expenses 86,885 62, 549 78, 602 46, 751 51,319 4,015 224,252 $508,100 $438,017 361, 400 110,334 9,364 271, 839 9,474 Plant assets, net 252,701 Total a3sets Liabilities and Equity Accounts payable $127,782 $ 75,505 $ 48,182 Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings 97,433 98, 729 82,265 162, 500 101,283 $508,100 $438,017 $ 361,400 162,500 120,385 162,500 68,453 Total liabilities and equity 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 Numerator: Choose Denominator: Current Ratio Current assets Current liabilities Current ratio 2017: 29,678 / to S 127,782 0.23 1 2016: 34,691 to 75,505 0.46 1 2015: S 35,063 to 48,182 0.73 1 Required 2