5. Presented below is information available for Morton Company Current Assets Inventories S110,000 Prepaid expenses 30,000 Accounts receivable 61,000 Short-term investments 75,000 Cash 4,000 Total current assets $280.000 Total current liabilities are $120,000 Calculate the acid-test ratio: Question 2: (4 marks) a. "Short-Term Obligations Expected to be Refinance can be Excluded from current liabilities if certain conditions are met Explain with examples these conditions? b. Hamad has a $50,000 short-term obligation due on March 1, 2016. The CFO discussed with its lender whether the payment could be extended to March 1, 2018. An agreement is reached on December 1, 2016, to change the loan terms to extend the obligation's maturity to March 1, 2018. The financial statements are authorized for issuance on April 1, 2017. What should the short-term obligation be classified, assuming that the financial year of the company ended 31 December