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Fantastic Computer Corp, a technology support company providing security for small businesses, reported these summarized figures in millions): (Click the icon to view the income
Fantastic Computer Corp, a technology support company providing security for small businesses, reported these summarized figures in millions): (Click the icon to view the income statement.) E: (Click the icon to view the balance sheet.) 1. Compute the company's current ratio and acid-test ratio at December 31, 2020 and 2019. 2. Did Fantastic Computer Corp.'s ratio values improve, deteriorate, or hold steady during 2020? 1. Compute the company's current ratio and acid-test ratio at December 31, 2020 and 2019. (Round the ratios to two decimal places, X.XX.) The current ratio is for 2020 and for 2019. The acid-test ratio is for 2020 and for 2019. 2. Did Fantastic Computer Corp.'s ratio values improve, deteriorate, or hold steady during 2020? Fantastic's current ratio during 2020 and Fantastic's acid-test ratio during 2020. Income statement Fantastic Computer Corp. Income Statement For the Year Ended December 31, 2020 $ 65.0 Net sales Cost of goods sold Interest expense 44.0 0.4 16.8 All other expenses $ 3.8 Net income Fantastic Computer Corp. Balance Sheet December 31, 2020 and 2019 Assets 2020 2019 Liabilities and Equity 2020 2019 Cash $ 3.6||$ 2.8 Total current liabilities $ 9.4||$ 9.0 9.0 8.5 Short-term investments 0.8 1.9 Long-term liabilities 18.4 Accounts receivable 1.7 0.9 Total liabilities 17.5 Inventory 10.0 8.8 2.6 0.8 Other current assets Common shares 5.4 5.2 19.5 14.9 Total current assets 18.7 15.2 Retained earnings 24.6 22.4 24.9 Total equity 20.1 All other assets $ 43.3||$ 37.6 $ 43.3||$ 37.6 Total assets Total liabilities and equity
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