8. Platinum Corporation belongs to the rubber tire trading industry. Its most recent balance sheet and income statement appear below: Statement of Financial Position December 31, Year 2 and Year 1 (in thousands of dollars) Year 2 Year! Current assets: Accounts receivable Inventory Prepaid expenses Total current assets Plant and equipment, nel Total assets S 305 110 210 260 190 170 70 70 500 BID 740 $1.310$1,350 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Accrued liabilities Notes payable, short term Total current liabilities Bonds payable Total liabilities Stockholders' equity: Preferred stock, S100 par value, 5% Common stock, 52 par value Additional paid-in capital-common stock Retained earnings Total stockholders' equity Total liabilities & stockholders' equity S 1405 150 30 30 40 40 210 220 190240 400_4650 100 400 130 100 400 130 20 910390 SIJOS1.350 Income Statement For the Year Ended December 31, Year 2 in thousands of dollars) S1,260 400 Sales (all on account) Cost of goods sold Gross margin Selling and administrative expense Net operating income Interest expense Net income before taxes Income taxes (30%) Net income S45 Required: A. Compute the following for Year 2: Working capital c. Average collection period. b. Current ratio. f. Inventory turnover. c. Acid-test ratio Average sale period d. Accounts receivable turnover. B. What can you say about the company's short-term liquidity? c. If the industry average in terms of collection period is 45 days, and inventory turnover is 6 times, how is the company performing compared to the industry