Balance Sheet December 31, 2020 and 2019 2020 2019 Current assets Cash I Short-term investments Accounts receivable, net Inventory Prepaid expenses Total current assets $16,000 8,000 29,000 37,000 4,000 $94,000 $5,000 9,000 23,000 35,000 3,000 $75,000 Property, plant, and equipment, net Other assets 33,300 27,000 $154,300 35,000 22.500 $132.500 Total assets Current liabilities Short-term borrowings Accounts payable $32,400 22,000 $12,900 22,500 Total current liabilities 22,000 $54,400 22,500 $35,400 Non-current debt Total liabilities 37,500 $91,900 33,000 $68,400 Shareholders equity Common shares Retained earnings Total shareholders' equity Total liabilities and shareholders' equity $20,000 42,400 $62,400 $154,300 $20,000 44,100 $64,100 $132,500 I Additional information for year 2019: Net income from operations Interest expense Depreciation expense Cost of goods sold Net credit sales $23,600 $2,650 $1,700 $146,000 $385,000 Industry bench marks: current ratio 1.50 acid test 1.00 debt ratio .62 inventory turnover 4.10 receivable turnover 30.1 Net credit sales $146,000 $385,000 Header Industry bench marks: current ratio 1.50 acid test 1.00 debt ratio .62 inventory turnover 4.10 receivable turnover 30.1 Required: Calculate the following 2020 ratios for the company: Current ratio Acid test Inventory turnover Accounts receivable turnover Debt ratio Times interest earned Based upon your calculations comment on the company's ability to: 1) pay their current liabilities 2) meet their overall liabilities 3) to sell inventory and collect accounts receivables