Selected year-end financial statements of Cabot Corporation follow. (AIl sales were on credit selec ed balance shee r 31, 2016, were inventory, $56,900; total assets, $169,400; common stock, $81,000: and retained earnings CABOT CORPORATION Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses Interest expense Income before taxes Income taxes Net income ped 455,600 298,350 157,250 99,400 4,200 53,650 21,612 $ 32,038 ook rint rences CABOT CORPORATION Balance Sheet December 31, 2017 Assets Cash Short-term investments Accounts receivable, net Notes receivable (trade) Merchandise inventory Liabilities and Equity $ 20,000 Accounts payable $ 17,500 3,800 8,200 Accrued wages payable 6,000 3,100 Common stock 29,000 Income taxes payable 3, 400 40,150 Long-term note payable, secured by64,400 81,000 mortgage on plant assets Prepaid experses Plant assets, net 152,300 Retained earnings 258,750 Total 1iabilities and equity 88.650 258,750 Total assets These are short-term notes receivable arising from customer (trade) sales. on common stockholders' equity. (Do not round intermediate calculations.) Complete this question by entering your answers in the tabs below. Req 1 and 2Req 3Req4Req 5 Req 6 Req 7 R Req 8 Req 9 Req 10 Req 11 ed Compute the current ratio and acid-test ratio. ok Current Ratio int Choose Numerator:I Current Ratico Current assets Current liabilities Current ratio ences 2017: 0 to 1 Acid-Test Ratio Choose r:Acid-Test Ratio # | Acid-Test Ratio Choose Numerator: 0 to 1 2017: Req 3 >