IE 3-1 (Static) Based on Brief Exercise 3-10 Calculating ratios [LO3-8] The following is a December 31 post-closing trial balance for Carlberg Plumbing, Incorporated. Account Title Cash Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation Patent (net) Accounts payable Interest payable Notes payable (due in 10 years) Common stock Retained earnings Totals Required: 1. Calculate the current ratio. 2. Calculate the acid-test ratio. 3. Calculate the debt to equity ratio. Navigation: Debits $ 51,000 Credits 33,000 42,000 27,000 105,000 $ 54,000 42,000 30,000 3,000 66,000 60,000 87,000 $ 300,000 $ 300,000 1. Use the Open Excel in New Tab button to launch this question. 2. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect. x Open Excel in new tab 1 A B C 2 3 The following is a December 31, 2022, post-closing trial balance for Carlberg Plum 4 5 Account Title Debits Credits 6 Cash $51,000 7 Accounts receivable 33,000 8 Inventory 42,000 9 Prepaid insurance 27,000 10 Equipment 105,000 11 Accumulated depreciation $54,000 12 Patent (net) 42,000 13 Accounts payable 30,000 14 Interest payable 3,000 15 Notes payable (due in 10 years) 66,000 16 Common stock 60,000 17 Retained earnings 87,000 18 Totals 19 $300,000 $300,000 20 1. Calculate the current ratio. 21 2. Calculate the acid-test ratio. 22 3. Calculate the debt to equity ratio. 23 24 25