1. Using the corporate balance sheet data below, calculate the company's net worth, working capital, current ratio and quick ratio for the year 2010. $25,000 115,000 8,500 7,000 3,000 12,500 5171,000 $30,000 $200,000 Balance Sheet December 31, 2010 Assets Current Assets Cash Accounts receivable Raw materials Work in process Finished goods inventory Small tool inventory Total current assets Fixed assets Land Building Less: Depreciation Reserve Equipment Less Depreciation Reserve Office equipment Total fixed assets Total assets Liabilities and Net Worth Current liabilities Accounts payable Taxes payable Total current liabilities Fixed liabilities Mortgage loan payable Equipment loan payable Total fixed liabilities Total liabilities 50,000 150,000 $750,000 150,000 600,000 10,000 $790,000 $961,000 $32,000 15,000 547,000 $130,000 350,000 $480,000 S527,000 Common stock Retained earnings Earned surplus (for current year) $325,000 80,000 29,000 Total equity Total liabilities and equity $434,000 $961,000