E2-36. Preparing Balance Sheets, Computing Income, and Applying the Current and Quick Ratios LO1, 5, 7 Balance sheet information for Lang Services at the end of 2018 and 2017 is: MBC Accounts receivable.. Notes payable. Cash.. Equipment Supplies... Accounts payable. December 31, 2018 December 31, 2017 $22,800 $17,500 1,800 1,600 10,000 8,000 32,000 27,000 4,700 4,200 25,000 25,000 ? Stockholders' equity.. a. Prepare its balance sheet for December 31 of each year. b. Lang Services raised $5,000 cash through issuing additional common stock early in 2018, and it declared and paid a $17,000 cash dividend in December 2018. Compute its net income or loss for 2018. c. Calculate the current ratio and quick ratio for 2018. d. Assume the industry average is 1.5 for the current ratio and 1.0 for the quick ratio. Comment on Lang's current and quick ratios relative to the industry.