Table 4-1 Stewart Company Balance Sheet Assets: Cash and marketable securities Accounts receivable Inventories Prepaid expenses Total current assets Fixed assets 8,000,000 Less: accum. depr. 2.075,000) Net fixed assets Total assets $600.000 900,000 1.500.000 75,000 $3,075,000 $5.925.000 $9,000,000 Liabilities: Accounts payable Notes payable Accrued taxes Total current liabilities Long-term debt wner's equity (1 million shares f common stock outstanding) Total liabilities and owner's equity $800,000 700.000 50,000 $1,550,000 2.500.000 4,950,000 $9,000,000 $10.000.000 (3,000,000) Net sales (all credit) Less: Cost of goods sold Selling and administrative Expense Depreciation expense Interest expense Earnings before taxes Income taxes Net income 2,000,000 (250,000) (200.000) 4550.000 (1.820,000) $2.730.000 1 79) Based on the information in Table 4-1, the current ratio is A) 1.98. B) 1.92.286. D) 2.88 79) 80) Based on the information in Table 4-1, the acid-test ratio is A) 1.67. B) 1.02. C) 0.98, D) 171. SO)