Answer and Explanation:
The computation of the current ratio and the acid ratio is shown below:
The current ratio is
= Current assets ÷ current liabilities
= ($96 + $88 + $176 + $12) ÷ ($86 + $29)
= $372 ÷ $115
= 3.23 times
And, the quick ratio is
= Quick assets ÷ current liabilities
= ($372 - $176) ÷ ($86 + $29)
= $196 ÷ $115
= 1.70 times
Hence, the current ratio and the acid-test ratio is 3.23 times and 1.70 times respectively