QS $17-9($Static$)$ Computing current ratio and acid$-$test ratio LO P$3$

Pritchett Company reported the following year$-$end data:

Cash $ $15,000$

Short$-$term investments $5,000$

Accounts receivable $($current$)8,000$

Inventory $20,000$

Prepaid $($current$)$ assets $6,000$

Total current liabilities $20,000$

Compute the $($a$)$ current ratio and $($b$)$ acid$-$test ratio.