Selected year-end financial statements of McCord Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31, 2010, were inventory, $32,400; total assets, $182,400; common stock, $90,000; and retained earnings, $31,300.) McCORD CORPORATION Income Statement For Year Ended December 31 , 201 1 Sales . . . . . . . . . . . . . . . . . . . . . . $348,600 Cost of goods sold . . . . . . . . . . 229,1 50 Gross profit . . . . . . . . . . . . . . . . 1 1 9,450 Operating expenses . . . . . . . . . 52,500 Interest expense . . . . . . . . . . . . 3,1 00 Income before taxes . . . . . . . . . 63,850 Income taxes . . . . . . . . . . . . . . . 1 5,800 Net income . . . . . . . . . . . . . . . . $ 48,050 McCORD CORPORATION Balance Sheet December 31 , 201 1 Assets Liabilities and Equity Cash . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,000 Accounts payable . . . . . . . . . . . . . . . . . . . . $ 1 6,500 Short-term investments . . . . . . . . . . 7,400 Accrued wages payable . . . . . . . . . . . . . . . . 2,200 Accounts receivable, net . . . . . . . . . . 28,200 Income taxes payable . . . . . . . . . . . . . . . . . 2,300 Notes receivable (trade)* . . . . . . . . . 3,500 Long-term note payable, secured Merchandise inventory . . . . . . . . . . . 31 ,1 50 by mortgage on plant assets . . . . . . . . . . 62,400 Prepaid expenses . . . . . . . . . . . . . . . 1 ,650 Common stock . . . . . . . . . . . . . . . . . . . . . . 90,000 Plant assets, net . . . . . . . . . . . . . . . . . 1 52,300 Retained earnings . . . . . . . . . . . . . . . . . . . . 59,800 Total assets . . . . . . . . . . . . . . . . . . . . $233,200 Total liabilities and equity . . . . . . . . . . . . . . $233,200 Required Compute the following: (1) current ratio, (2) acid-test ratio