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.) Use the data to answer the following questions. 1. Calculate Metro's quick (acid-test) ratio at December 31, 2018, and 2017 2. Use the comparative information from the table given for Orleans Electric, Inc., O'Neil Company, and Lavallee Foods Corporation. Is Metro's qui (acid-test) ratio for 2018 and 2017 strong, average, or weak in comparison? RE (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.) i 1. Calculate Metro's quick (acid-test) ratio at December 31, 2018, and 2017. 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.) Quick ratio 2018 x Data Table 2017 ( + + Data Table Metro Corporation Balance Sheet (Adapted) December 31, 2018 and 2017 Increase (Decrease) Amount Percentage 2018 2017 Metro Corportion Balance Sheets (Adapted) December 31, 2018 and 2017 (Dollar amounts in millions) Liabilities and Stockholders' Equity Current liabilities: Accounts payable Income tax payable Short-term debt $ 966 $ 860 $ 106 12.3 % Increase (Decrease) Amount Percentage 2018 2017 42 66 (24) (Dollar amounts in millions) Assets (36.4) 10.3 116 12 128 66 Current assets: Other 68 (2) (2.9) Cash and cash equivalents $ 1,210 $ 980 $ 230 1,202 1,110 92 8.3 Total current liabilities Long-term debt Short-term investments 14 48 678 22.8 (34) (38) 23.5 % (70.8) (14.2) 45.7 3,648 1,128 2.970 1,096 Receivables, net 230 268 32 Other liabilities 2.9 Inventories 70 32 5,978 5.176 802 102 292 15.5 Prepaid expenses and other assets 302 (10) (3.3) Total current assets 1,848 1,668 180 10.8 2 274 1,534 Property, plant, and equipment, net Intangible assets 3,660 1,020 826 (6.5) Total liabilities Stockholders' equity: Common stock Retained earnings Accumulated other comprehensive (loss) Total stockholders' equity Total liabilities and stockholders' equity 3,386 848 8.1 20.3 2 1,640 (186) (106) 26 (160) 172 96 14.0 Other assets 730 13.2 1,376 1,456 (80) (5.5) $ 7,354 $ 6,632 $ 722 Total assets 10.9 % $ 7,354 $ 6,632 $ 722 10.9 %