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 Cash Short-term investments Accounts receivable Inventory Property, plant, and equipment (net) Total assets Liabilities and Shareholders' Equity Current liabilities Long-term liabilities Paid-in capital Retained earnings Total liabilities and shareholders' equity 240 190 240 330 1,400 $ 2,400 440 390 950 620 $ 2,400 The company's 2021 income statement reported the following amounts ($ in thousands): Net sales Interest expense Income tax expense Net income $5,000 40 140 200 Required: 1. Calculate the current ratio. (Round your answer to 2 decimal places.) 2. Calculate the acid-test ratio. (Round your answer to 3 decimal places.) 3. Calculate the debt to equity ratio. (Round your answer to 2 decimal places.) 4. Calculate the times interest earned ratio. (Round your answer to 1 decimal place.) equity The company's 2021 income statement reported the following amounts ($ in thousands): Net sales Interest expense Income tax expense Net income $5,000 40 140 200 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 times