Question Help 512-6 (book/static) To follow are the balance sheets for Metro Corporation and selected comparative competitor data. (Click the icon to view the assets section of the balance sheet.) (Click the icon to view the liabilities and stockholders' equity sections of the balance sheet.) (Click the icon to view the quick (acid-test) ratios of other companies.) Use the data to answer the following questions. 1. Calculate Metro's quick (acid-test) ratio at December 31, 2018, and 2017. 2. Use the comparative information from the table given for Orleans Electric, Inc., O'Neil Company, and Lavallee Foods Corporation. Is Metro's quick (acid-test) ratio for 2018 and 2017 strong, average, or weak in comparison? 1. Calculate Metro's quick (acid-test) ratio at December 31, 2018, and 2017. Select the formula and then enter the amounts to calculate the acid-test ratio. (Abbreviation used: ST = short- term. Cash* = Cash and cash equivalents. Net receivables** = Net current receivables. Enter the amounts in millions as provided to you in the problem. Round the ratios to two decimal places, X.XX.) Quick ratio >/ /1 2018 ( 2017 ? Choose from any list or enter any number in the input fields and then click Check Answer. Clear All Check Answer 1 part remaining 1 Data Table Increase (Decrease) Amount Percentage 2018 2017 (Dollar amounts in millions) Assets $ 980 $ 230 23.5 % Current assets: Cash and cash equivalents Short-term investments Receivables, net Inventories 1,210 $ 14 48 (70.8) (14.2) 230 268 (34) (38) 32 (10) 45.7 102 292 70 302 Prepaid expenses and other assets (3.3) 1,848 1,668 180 10.8 Total current assets Property, plant, and equipment, net Intangible assets 3,660 3,386 274 8.1 848 20.3 1,020 826 172 96 Other assets 730 13.2 Total assets $ 7,354 $ 6,632 $ 722 10.9 % ? Print Done Metro Corporation Balance Sheet (Adapted) December 31, 2018 and 2017 Increase (Decrease) Amount Percentage 2018 2017 (Dollar amounts in millions) Liabilities and Stockholders' Equity 966 $ 860 $ 106 Current liabilities: Accounts payable Income tax payable Short-term debt 42 66 (24) 12.3 % (36.4) 10.3 128 116 12 66 68 (2) Other (2.9) 1,202 1,110 92 8.3 Total current liabilities Long-term debt 22.8 3,648 1,128 2,970 1,096 678 32 Other liabilities 2.9 Print Done Income tax payable 42 66 (36.4) Short-term debt 128 (24) 12 (2) 116 68 10.3 66 Other (2.9) 1,202 1,110 92 Total current liabilities 8.3 Long-term debt 678 22.8 3,648 1,128 2,970 1,096 32 Other liabilities 2.9 5,978 5,176 802 Total liabilities 15.5 Stockholders' equity: 2 Common stock 2 - (6.5) 1,534 (160) 1,640 (186) (106) 26 14.0 Retained earnings Accumulated other comprehensive (loss) Total stockholders' equity Total liabilities and stockholders' equity 1,376 1,456 (80) (5.5) $ 7,354 $ 6,632 $ 722 10.9 % ? Print Done ow are the balance sheets for Metro mration and selected comparative competitor (Click the icon to view the assets section of the balance sheet.) Use the data to answer the following questions. 1. Calculate Metro's quick (acid-test) ratio at December 31, 2018, and 2017. 2. Use the comparative information from the table given for Orleans Electric, Inc., O'Neil Company p's strong, * More Info st! SH q ral Calcu Quick (acid-test) Ratio 0.74 lect the m. Ca llions Company Orleans Electric, Inc. (Utility), O'Neil Company (Department store) Lavallee Foods Corporation (Grocery store) 0.63 short- lints in 0.66 Ek ratio 018 Print Done 2017 inni fine and then click Chark