! Required information [The following information applies to the questions displayed below) Simon Company's year-end balance sheets follow. Current Year 1 Year AB 2 Years Ago At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity $ 23, 718 70,159 89,103 7,638 223,814 5.414, 432 $ 28,582 50,018 66,756 7,653 204,260 $ 357,269 $ 29,174 39,701 43,571 3,275 188,079 $ 303,800 $ 101,130 76, 355 162,500 74, 447 $.414, 432 $ 62,190 81,350 162,500 51,229 $ 357,269 $ 41,305 66,468 162,500 33,527 5 303,800 For both the current year and one year ago, compute the following ratios: (1-a) Compute the current ratio for each of the three years. (1-b) Did the current ratio improve or worsen over the three-year period? (2-a) Compute the acid-test ratio for each of the three years. (2-b) Did the acid-test ratio improve or worsen over the three-year period? Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2A Required 2B Compute the current ratio for each of the three years. Current Ratio Denominator: Numerator: Current Ratio Current ratio