Homework: Ch 17 Homework B - Graded Save et Score: 0 of 6 pts 7 of 8 (7 complete) HW Score: 92.72%, 95.5 of 103 pts EF 17-19 (similar to) Question Help Big Brass Photo Shop has asked you to determine whether the company's ability to pay current liabilities and total abilities improved or deteriorated during 2024. To answer this question, you gather the following data: Click the icon to view the data.) Read the requirements a. Compute the current ratios for 2024 and 2023 Begin by selecting the formula to compute the current ratio. Current ratio (Cash + Cash equivalents). Total current liabilities (Cash Short-term investments + Net current receivables) - Total current liabilities (Income + Interest expenso). Average total assets Short-term investments - Total current liabilities Total current assets. Total current liabilities Total liabilities - Total assets Total abilities - Total equity Choose from any drop-down list and then click Check Answer 2 10 parts Clear All Check Answer remaining OK - i Requirements Compute the following ratios for 2024 and 2023, and evaluate the company's ability to pay its current liabilities and total liabilities: a. Current ratio d. Debt ratio b. Cash ratio e. Debt to equity ratio C. Acid-test ratio Print Done X Data Table 2024 2023 Cash $ 60,000 $ 53,000 Short-term Investments 26,000 0 Net Accounts Receivables 128,000 136,000 Merchandise Inventory 237,000 296,000 Total Assets 555,000 580,000 Total Current Liabilities 285,000 192,000 50,000 56,000 Long-term Notes Payable Income from Operations 160,000 163,000 Interest Expense 48,000 45,000 Print Done