Mixon Company's year-end balance sheets show the following EXERCISE 1-3 Exaluating Short-Term 2006 2005 2004 Cash Accounts receivable, net Merchandise inventory 88,500 111,500 62,500 82,500 9,375 49,200 53,000 4,000 9,700 Plant assets, net 277,500 255,000 229,500 S518,000 $445,000 $372,500 Total assets $128,900 75,250 49,250 Accounts payable Long-term notes payable secured 97,500102,500 by mortgages on plant assets Common stock, $10 par value 82,500 162,500 62,500 162,500 8,250 Total liabilities and equity ...........$518,000 $445,000 $372,500 Required: Compare the year-end short-term liquidity position of this company at the end of 2006, 2005, and 2004 by computing the: (a) current ratio and (b) acid-test ratio. Comment on the ratio Refer to Mixon Company's balance sheets in Exercise 1-3. Express the balance sheets in common-size percents. Round to the nearest one-tenth of a percent. EXERCISE 1-4 Common-Sze Percents