Exercise 17-7 Liquidity analysis LO P3 Simon Company's year-end balance sheets follow. At December 31 2017 2816 2015 Assets 34,291 $ Cash 39, 297 $ 67,395 91,784 10,625 42,179 54,585 59,907 4,595 256,434 Accounts rece ivable, net Merchandise inventory Prepaid expenses Plant assets, net 95,489 124,959 11,043 384,e27 282,114 Total assets 569,809 491,215 417,700 Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Connon stock, $18 par value Retained earnings Total 1iabilities and equity 146,139 83,845 $ 54,e34 184,982 162,508 156,188 112,979 162,500 131,891 98,465 162,500 118,781 569,889491, 215 417, 708 1. Compute the current ratio for the year ended 2017, 2016, and 2015. 2 Compute the acld-test ratio for the year ended 2017, 2016, and 2015. Complete this question by entering your answers in the tabs below. Required 2 Required 1 Compute the current ratio for the years ended December 31, 2017, 2016, and 2015 Current Ratio Choose Denominator: Current liabilities Choose Numerator Current Ratio Current assets Current ratio 2017 0l to 1 2016 0 to 1 lto 1 2015 - Exercise 17-7 Liquidity analysis LO P3 Simon Company's year-end balance sheets follow. At December 31 2017 2816 2015 Assets 34,291 $ Cash 39,297 67,395 42,179 54,585 59,907 4,595 256,434 Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net 95,489 124,959 91,784 10,625 11.043 384,027 282.114 569,889 $ 491,215 417,708 Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Connon stock, $10 par value Retained earnings $146,139 $ 83,845 54,e34 184,982 112,979 162,500 131.891 98,465 162,508 118,701 162.500 156,188 569,809 $ 491,215 417,788 Total liabi1ities 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 Required 2 Compute the acid-test ratio for the years ended December 31, 2017, 2016, and 2015 Acid-Test Ratio Choose Denominator: Choose Numerator Acid-Test Ratio Acid-test ratio - 2017 0l to 1 2016 0 to 1 2015 0to 1 Required 1 Required 2 >