Shine's Companies, a home improvement store chain, reported the following summarized figures: (Click the icon to view the income statement.) (Click the icon to view the balance sheets.) Shine's has 30,000 common shares outstanding during 2024. Read the requirements. Requirement 1. Compute Shine's Companies' current ratio at May 31, 2024 and 2023. Begin by selecting the formula to calculate Shine's Companies' current ratio. Then enter the amounts and calculate the current ratio for 2024 and then 2023. (Round your answers to two decimal places, XXX.) Current ratio. 1 Income Statement Shine's Companies Income Statement Years Ended May 31, 2024 and 2023 Net Sales Revenue Cost of Goods Sold Interest Expense All Other Expenses Net Income - X 2024 2023 $ 46,500 $ 38,800 27,700 29,300 500 280 6,900 7,800 $ 11,400 $ 1,420 Print Done p Balance Sheets e 3 Shine's Companies Balance Sheet May 31, 2024 and 2023 Assets Liabilities 2024 2023 2024 2023 Cash $ 2,000 $ 1,200 Total Current Liabilities $ 27,000 $ 12,800 Short-term Investments. 29,000 10,000 Long-term Liabilities. 13,300 11,400 Accounts Receivable 7,200 5,500 Total Liabilities 40,300 24,200 Merchandise Inventory 7,100 9,700 Stockholders' Equity 6,000 Other Current Assets 2,100 Common Stock 12,000 12,000 Total Current Assets 51,300 28,500 Retained Earnings 30,000 21,300 31,000 29,000 42,000 33,300 All Other Assets Total Equity 82,300 $ 57,500 82,300 $ 57,500 Total Assets Total Liabilities and Equity Print Done i Requirements 1. Compute Shine's Companies' current ratio at May 31, 2024 and 2023. 2. Did Shine's Companies' current ratio improve, deteriorate, or hold steady during 2024? Print Done - X