The financial statements of Big City News, Inc., include the following items: BE: (Click the icon to view the financial statements.) Read the requirements. 2018 2017 2016 Balance sheet: Requirement 1. Calculate the following ratios for 2018 and 2017. When calculating days, round your answer to the nearest whole nu Cash ................... a. Current ratio. Short-term investments 39,000 $ 13,000 73,000 45,000 24,000 76,000 Select the formula and then enter the amounts to calculate the current ratio. (Round the ratios to two decimal places, X.XX.) Net receivables 25,000 68,000 Current assets Current liabilities Current ratio Inventory .......... 87,000 12,000 75,000 7,000 2018 $ 1.71 Prepaid expenses 224,000 227,000 | 131,000 93,000 2017 1 $ 2.44 Total current assets 224,000 227,000 50,000 55,000 b. Quick (acid-test) ratio. Accounts payable Total current liabilities 60,000 131,000 93,000 Select the formula and then enter the amounts to calculate the acid-test ratio. (Abbreviations used: Avg = average, ST = short-term, a Income statement: + + = Acid-test ratio Net credit sales ........... $ 1) 501,000 $ 279,000 512,000 282,000 2018 ( 2017 ( + + Cost of goods sold , . . . . . . . . . Joi + + Print Done