To follow are the balance sheets for Metro Corporation and selected comparative competitor data. (Click the icon to view the assets section of the balance sheet.) (Click the icon to view the liabilities and stockholders' equity sections of the balance sheet.) (Click the icon to view the quick (acid-test) ratios of other companies.) Read the requirements. 1. Calculate Metro's quick (acid-test) ratio at December 31, 2021, and 2020. Select the formula and then enter the amounts to calculate the acid-test ratio. (Abbreviation used: ST = short-term. Cash* = Cash and cash equivalents. Net receivables** = Net current receivables. Enter the amounts in millions as provided to you in the problem. Round the ratios to two decimal places, X.XX.) 2021 ( 2020 ( Requirements + + + )+ Use the data to answer the following questions. 2. 1. Calculate Metro's quick (acid-test) ratio at December 31, 2021, and 2020. Use the comparative information from the table given for Orleans Electric, Inc., O'Neil Company, and Lavallee Foods Corporation. Is Metro's quick (acid-test) ratio for 2021 and 2020 strong, average, or weak in comparison? Print Done - = Quick ratio Data table Metro Corportion Balance Sheets (Adapted) December 31, 2021 and 2020 Data table Metro Corporation Balance Sheet (Adapted) December 31, 2021 and 2020 Increase (Decrease) Increase (Decrease) (Dollar amounts in millions) 2021 2020 Amount Percentage (Dollar amounts in millions) Liabilities and Stockholders' Equity 2021 2020 Amount Percentage Assets Current liabilities: es. Current assets: Accounts payable $ 966 $ 860 S 106 12.3 % Cash and cash equivalents $ 1,210 $ 980 S 230 23.5% Income tax payable 42 66 (24) (38.4) Short-term investments 14 48 (34) (70.8) Short-term debt 128 116 12 10.3 Receivables, net 230 268 (38) (14.2) 66 68 (2) Other (2.9) Inventories 102 70 32 45.7 Total current liabilities 1,202 1,110 92 292 302 (10) ; 8.3 Prepaid expenses and other assets (3.3) Long-term debt 3,648 2,970 678 22.8 1,848 1,668 180 Total current assets 10.8 1,128 1,096 32 Other liabilities 2.9 Property, plant, and equipment, net 3,660 3,386 274 8.1 5,978 5,176 802 Total liabilities 15.5 Intangible assets 1,020 848 172 20.3 826 730 96 Stockholders' equity: Other assets 13.2 Common stock $ 7,354 $ 6,632 S 722 Total assets 10.9 % Retained earnings 2 2 1,534 1,640 WOOL - (106) (6.5) Print Done Print Done Data table Company Orleans Electric, Inc. (Utility) O'Neil Company (Department store) Lavallee Foods Corporation (Grocery store) - Quick (acid-test) Ratio Print Done 0.74 0.63 0.66