Algoma Inc. has the following as at July 31, 2020:

Cash - $100

Accounts receivable 150

Inventory 240

Land 200

Plant, net of accumulated amortization 300

Short term bank loan 60

Accounts payable 160

Long term mortgage 160

Common shares 100

1. Prepare, in proper format a balance sheet as at July 31, 2020. (5 marks)

2. Calculate the following and comment on each: (I mark each)

1. quick ratio
2. current ratio
3. debt-to-equity ratio
4. debt-to-assets ratio
5. comment on the liquidity ratios