(14 marks (First Question: the following financial statements for SWEET RAMADAN CO. for 2020. Income statement For year ended 31/12/2020 2020 2019 Sales (70% credit) 200000 160000 Cost of Goods Sold (110000 80000) ross Profil 90000 80000 Operating expenses (36000) 20000) ABIT 54000 60000 interest Expense (4000) (4000) Garnings Before Taxes S0000 56000 Taxes a 40% (20000122400) Ner Income 30000 33600 Statement of financial position As of 31/12/2020 2020 2019 cash and Equivalents 15000 10000 Accounts Receivable 35000 25000 Inventory 20000 30000 Total Current Assets 70000 65000 Property, Piant & Equipment(net) 70000 65000 pral Assets 140000 130000 iptal Current Liabilities 40000 35000 Llong-term Debt 58000 60000 iptal Liabilities 98000 95000 Common Stock 3000 Sl parvule 30000 30000 Treasury shares 3000 sumos par val(3000)|(3000) Retained Earnings 15000 8000 Eptal Shareholder's Equity 42000 35000 iptal Liabilities and Owner's Equity 140000 130000 Additional information from (SQ) corporation and from industry: Depreciation expense for 2020 is S 9200. Dividends is er Current ratio of industry is 1.9 Collection period for competitors is 90 days. Market's sales in 2019 is S 400000 Days to sell inventory in industry is 80 days. Market sales in 2020 is $ 600000. Industry Debt ratio 60% analysis SMART-QUARATINE (SQ) co. for 2020 in details {calculations, comments expectations and conclusions): 1. Analyze the following items horizontally sales, inventory cost of goods sold. Analyze the following items vertically: sales, inventory, cost of goods sold 2 3. Analyze the company" liquidity position and solvency position (all ratios) - comment after each ratio, then put your report about the company's liquidity position