20x1	20x2	20x3
Current Ratio 1 to	1.23	1.15	1.35
Acid Test 1 to	0.29	0.28	0.32
Credit Given (days)	5.95	5.97	6.14
Credit Taken (days)	14.41	14.42	11.84
Stock Turnover (days)	84.07	81.43	75.57
Gross margin	5.4%	7.3%	7.5%
Net margin	2.6%	4.9%	4.7%
Interest Cover (times)	1.97	3.08	2.67
Net Gearing % per $1 of equity	62%	57%	67%
Net-working assets to sales %	15%	14%	14%
Retained Profits to sales	0.7%	3.0%	2.8%

a.

The firm seems to have adequate liquidity but insufficient capital.

b.

The firm seems to have insufficient liquidity and capital.

c.

The firm has sufficient liquidity and insufficient capital.

d.

The firm has insufficient liquidity and sufficient capital.

e.

None of the above