Problem 3-17 Calculating Financial Ratios [LO2] Just Dew It Corporation reports the following balance sheet Information for 2020 and 2021. JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Assets 2020 2021 Current assets Cash $7,950 $ 11,800 Accounts receivable 23,550 29,000 Inventory 36,750 47,000 Total $ 68,250 $87,800 Total Long-term debt Owners' equity 2020 2021 $ 40,500 $45,800 14,850 20,800 $55,350 $ 66,600 $30,000 $24,000 Common stock and paid-in surplus $ 42,000 $ 42,000 Retained earnings 172,650 267,400 Net plant and equipment $231,750 $312,200 Total $214,650 $ 309,400 Total assets $ 300,000 $ $ $ Total liabilities and owners' equity 400,000 300,000 400,000 Based on the balance sheets given for Just Dew It: a. Calculate the current ratio for each year. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) b. Calculate the quick ratio for each year. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) c. Calculate the cash ratio for each year. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) d. Calculate the NWC to total assets ratio for each year. (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.) e. Calculate the debt-equity ratio and equity multiplier for each year. (Do not round Intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) f. Calculate the total debt ratio and long-term debt ratio for each year. (Do not round Intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Answer is complete but not entirely correct. a. Current ratio b. Quick ratio c. Cash ratio d. NWC ratio e. Debt-equity ratio e. Equity multiplier f. Total debt ratio 2020 1.23 times 0.57 times 0.14 times 1.23% 0.71 times 0.32 times 0.86 times 2021 1.32 times 0.61 times 0.18 times 1.32% 0.57 times 0.28 times 0.90 times f. Long-term debt 0.12 times 0.07 times ratio