Exercise 3-16 (Algo) Calculating ratios [LO3-8] The 2021 balance sheet for Hallbrook Industries, Inc., is shown below. HALLBROOK INDUSTRIES, INC. Balance Sheet December 31, 2021 ($ in thousands) Assets ok Cash ht ht ences 350 Short-term investments Accounts receivable Inventory Property, plant, and equipment (net) Total assets 300 350 300 2,500 $ 3,800 Liabilities and Shareholders' Equity Current liabilities 550 Long-term liabilities 500 Paid-in capital 1,500 Retained earnings 1,250 Total liabilities and shareholders' equity $ 3,800 The company's 2021 income statement reported the following amounts ($ in thousands): Net sales $6,100 Interest expense 30 Mout The company's 2021 income statement reported the following amounts ($ in thousands): Net sales Interest expense Income tax expense Net income $6,100 30 140 310 Required: 1. Calculate the current ratio. (Round your answer to 2 decimal places.) 2. Calculate the acid-test ratio, (Round your answer to 3 decimal places.) 3. Calculate the debt to equity ratio. (Round your answer to 2 decimal places.) 4. Calculate the times interest earned ratio. (Round your answer to 1 decimal place.) 1. Current ratio 2. Acid-test ratio 3. Debt to equity ratio 4. Times interest earned ratio 2.50 1.750 0.19 7.5 times