Exercise 17-7 Liquidity analysis LO P3 Simon Company's year-end balance sheets follow 2017 2016 At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets $ 28,063 33,466 $ 35,914 46,490 50,513 3,797 ,486 $ 480,457 $ 414,187 352,200 82,980 102,265 9,220 57,986 74,326 8,524 257,929239,885 215 Liabilities and Equity Accounts payable Long-term notes payablesecured by $ 118,437 $ 71,398 46,025 mortgages on plant assets Common stock, $10 par value Retained earnings 87,616 162,500 162,500 111,904 97,168 78,615 162,500 65,060 352,200 83,121 Total liabilities and equity $ 480,457 $ 414,187 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