The following information relates to SE10-5 through SE10-7: EVANS & SONS, INC. Income Statement For Years Ended December 31, 2019 and 2018 2019 2018 $ 9,800 (5,500) 2.800) (in millions) Net sales... Cost of goods sold ..... Gross profit. ... *** Selling and administrative expenses Income from operations .. Interest expense.... Income before income taxes... Income tax expense..... Net income............... 1,500 (300) 1.200 (220) 980 $ 9.300 (5,200) 4,100 (2.700) 1,400 (250) 1,150 (200) $ 950 $ EVANS & SONS, INC. Balance Sheet December 31, 2019 and 2018 (in millions) 2019 2018 100 900 500 Assets Current assets Cash and cash equivalents. Accounts receivable. Inventory.... Other current assets. Total current assets.. Property, plant, & equipment (net) .... Other assets..... Total Assets .. .. 400 300 800 650 250 2,000 2,500 5.900 $10.400 1.900 2,600 5,700 $10.200 Liabilities and Stockholders' Equity Current liabilities Long-term liabilities. ... Total liabilities....... Stockholders' equity - common .... Total Liabilities and Stockholders' Equity ........ $ 3,000 5.000 8,000 2,200 $10,200 $2,900 5.400 8,300 2,100 $10,400 urrent Ratio Calculate the current ratio for Evans & Sons, Inc., for 2018 and 2019, and comment on the company's working capital position. Did the company's ability to pay its current liabilities improve over the two years? Quick Ratio Calculate the quick ratio for Evans & Sons, Inc., for 2018 and 2019, and comment on the company's working capital position. Did the company's ability to pay its current liabilities improve over the two years? LO4 SE10-6