1.The following financial information has been taken from the year-end accounts of Wellington's Tulip Tower hotel. Year 20X1 20X2 Cash at bank $ 20,000 $ 24,000 Accounts receivable 11,500 13,500 Prepaid expenses 3,400 4,200 Inventory 10,900 12,000 Current liabilities 32,000 31,000 Long-term debt 250,000 232,000 EBIT 285,000 321,000 Interest on debt 16,000 14,300 Total assets 450,000 465,000 Required: a) For 20X1 and 20X2 calculate Tulip Tower's: i. Current asset ratio ii. Acid test ratio b) From your answers to a), comment on Tulip Tower's liquidity status in 20X1 and 20X2. c) For 20X1 and 20X2 calculate Tulip Tower's: 2 x4 = 8 marks i. Debt to assets ratio