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2. Solve for the current ratio and the quick ratio for ABC Kan-anan Show the formula and the values you used a. Current ratio b. Quick Ratio ABC Kan-anan 2019 Accounts Payable Accounts Receivable, net Accrued liabilities Additional paid-in capital Administrative Expenses Bond payable Buildings and equipment, net Cash Common stock, P12 par Cost of Goods Sold Interest Expense Inventory Land Notes payable, short term Prepaid expenses Retained earnings Sales Selling Expenses Industry standards for current ratio Industry standards for quick ratio 5,800.00 6,000.00 900.00 3,000.00 5,860.00 7,500.00 12,000.00 1,200.00 6,000.00 36,000.00 640.00 8,000.00 4,000.00 300.00 300.00 8,000.00 52,000.00 7,000.00 2.1x 1.4x