The comparative income statement and balance sheet of Cowan Kitchen Counters, Inc. are shown. 20-1 Cowan Kitchen Counters, Inc. Comparative Income Statement For Years Ended December 31, 20-2 and 20-1 20-2 Net Sales (all on account) $2,584,000 Cost of goods sold 1,868,200 Gross profit $715,800 Operating expenses 315,200 Other expense (interest) 24,200 Income tax expense 176,800 Net income $199,600 $2,163,000 1,616,800 $546,200 221,800 24,200 106,300 $193,900 Cowan Kitchen Counters, Inc. Comparative Balance Sheet December 31, 20-2 and 20-1 20-2 $255,400 250,000 Cash Government notes 20-1 $243,200 250,000 Accounts receivable (net) 797,500 Merchandise inventory 913,600 47,500 Supplies and prepayments Land 903,500 983,600 143,200 108,200 330,000 17,700 $2,991,600 108,200 Building (net) Office equipment (net) 390,600 15,000 $2,765,600 Total assets Current liabilities (accounts payable) Bonds payable $703,000 220,000 $923,000 $532,000 240,000 $772,000 Total liabilities Common stock ($10 par, 180,000 shares) Retained earnings Total stockholders' equity $1,800,000 268,600 $2,068,600 $2,991,600 $1,800,000 193,600 $1,993,600 $2,765,600 Total liabilities and stockholders' equity Compute the following liquidity measures for 20-2 (round all calculations to two decimal places): to 1 a. Quick or acid-test ratio b. Current ratio to c. Working capital