Quick Liberty Corporation reported the following financial statements: hare LIBERTY CORPORATION Comparative Balance Sheet December 31, 2017 and 2016 54 tme 2017 2016 33.6 tmes Assets Curent Assets 3.6% Cash and Cash Equivalents S 2.450 S 2,094 Accounts Receivable Merchandise Inventory 1,813 1,611 1,324 1,060 8% Prepaid Expenses 1,709 2,120 Total Current Assets 7,296 6,885 Other Assets 18.500 15,737 $ 22.622 Total Assets $ 25.796 turn Liabilities tis S 7,230 S 8,467 Current Liabilities the 4,798 3.792 Long-term Liabilities 12,028 12,259 Total Liabilities Stockholders' Equity 4,363 6.568 Common Stock, no par 6,000 7,200 Retained Earnings 13,768 10,363 Total Stockholders' Equity $ 25,796 $ 22,622 Total Liabilities and Stockholders' Equity LIBERTY CORPORATION Income Statement Year Ended December 31, 2017 $ 20,941 Net Sales 7,055 Cost of Goods Sold 13,886 Gross Profit 7,065 Operating Expenses 6,821 Operating income 210 Interest Expense 6,611 Income Before Income Taxes 2,563 Income Tax Expense $ 4,048 Net Income u. TICOIie Statement ve 2 2. Horizontal analysis of Liberty's balance sheet for 2017 would report 9.50% of total b. a 17% increase in Cash and Cash Equivalents. a. Cash as assets. C. a current ratio of 1.01. d. inventory turnover of 6 times