Based on these ratios, could you please give me some suggestions for profitablity, liquidity and financial position? Thanks a lot

THE COMPANY: ACTON CLEANING Emma Dione recently quit her public service job to start a cleaning company, Acton Cleaning, in a Canberra suburb after discovering the lack of good cleaners in that affluent suburb and market demand far outweighs the supply of quality cleaning. While she is getting her business going, she is not going to draw a salary from the business. She has employed three full-time helpers. Emma is starting her business on 19 July 2020. Given her lack of experience with accounting software, she has employed you to prepare the accounts for her first month of operations using MYOB. You need to set up MYOB AccountRight Plus v20 in accordance with her business needs. The following sections detail relevant business information for the setting up of accounts and related information 1. Business Details Company Name: Acton Cleaning ABN: 17 256 235 228 Address: Yarralumla, ACT 2600 Phone Numbers: 02-2333 2323 Financial Year: 1* July 2020 to 30th June 2021 2. Accounts List MYOB's built-in list for a cleaning service under the service industry classification is an appropriate starting point. Using that template, Emma decided on the following Chart of Accounts for Acton Cleaning. You will need to edit some of the account names, delete others and create some new accounts. Some accounts may not be deleted - these will just have a zero balance. Some of the accounts you will just rename through the Edit function. Acton Cleaning - Chart of Accounts (Page 1 of 3) 1-0000 Assets 1-1000 Current Assets 1-1100 Cash On Hand 1-1110 Cash Account 1-1200 Accounts Receivable 1-1210 Less Prov'n for Doubtful Debts 1-1400 Prepaid Insurance 1-1500 Cleaning Supplies 1-1550 Office Supplies 1-1600 Deposits Paid 1-1700 Prepaid Rent 1-1950 Withholding Credits 1-1960 Voluntary Withholding Credits 1-1970 ABN Withholding Credits Acton Cleaning - Chart of Accounts (Page 2 of 3) 1-2000 Non-current Assets 1-2100 Cleaning Equipment 1-2110 Clean Equipment at Cost 1-2120 Clean Equipment Accum Dep 1-2200 Furniture and Fixtures 1-2210 Furniture & Fixtures at Cost 1-2220 Furniture & Fixtures Accum Dep 1-2300 Office Equipment 1-2310 Office Equipment at Cost 1-2320 Office Equipment Accum Dep 2-0000 Liabilities 2-1000 Current Liabilities 2-1100 Credit Cards 2-1200 Accounts Payables 2-1300 GST Liabilities 2-1310 GST Collected 2-1330 GST Paid 2-1370 Voluntary Withholdings Payable 2-1400 Payroll Liabilities 2-1410 Payroll Accruals Payable 2-1420 PAYG Withholding Payable 2-1600 Customer Deposits 2-1900 Other Current Liabilities 2-2000 Non-current Liabilities 2-2100 Bank Loans 2-2200 Other Non-current Liabilities 3-0000 Equity 3-1000 Owner's Equity 3-1100 Owner Capital 3-1200 Owner Drawings 3-8000 Retained Earnings 3-9000 Current Year Earnings 3-9999 Historical Balancing 4-0000 Income 4-1000 Services Revenue 4-1100 Cleaning Revenue 4-5000 Freight Collected 4-6000 Late Fees Collected 4-8000 Miscellaneous Income Acton Cleaning - Chart of Accounts (Page 3 of 3) 6-0000 Expenses 6-1000 General & Administrative Exp 6-1005 Accounting Fees 6-1200 Bank Charges 6-1300 Depreciation Expense 6-1400 Subscriptions 6-1500 Office Supplies Expense 6-1600 Discounts Taken 6-1700 Freight Paid 6-3000 Advertising 6-3100 Advertising Expense 6-4000 Operating Expenses 6-4100 Cleaning Supplies Expense 6-4200 Postage Expense 6-4350 Insurance Expense 6-4400 Rent Expense 6-4500 Telephone Expense 6-4600 Water Expense 6-4700 Electricity Expense 6-5100 Employment Expenses 6-5120 Superannuation 6-5130 Wages & Salaries 6-5150 Other Employer Expenses 8-0000 Other Income 8-1000 Interest Income 9-0000 Other Expenses 9-1000 Interest Expense 3. Assets Contributed into the Business The following table shows the formation journal entry needed to account for the assets that Emma has contributed to the Business. Account Name Debit (S) Credit (8) Cash Account 9,600 Furniture and Fixtures at Cost 2,700 Office Equipment at Cost 2,300 Clean Equipment at Cost 3,000 Cleaning Supplies 700 Owner Capital 18,300 4. Services Information Sales Layout: Item Income: Cleaning Revenue Payment Method: Cash Linked Account: 1-1110 Cash Account 5. Purchases Information Purchase Layout: Service Payment Method: Cash Linked Account: 1-1110 Cash Account Supplier Cards: 6. Card ID Name Address SUPPO1 Spick Wholesale 27/189 Essie Street, Woden SUPPO2 The Clean Factory 3128 Squeak Crescent, Sutton Acton Cleaning buys cleaning supplies including various detergents, cleaning agents, wipes, sprays, and others, from Spick Wholesale and The Clean Factory. Employee Information All employees are starting on 1 July 2020 on a full-time basis. They will all be paid weekly. Card Last First Annual ID Address Name Name Gender Salary EMP001 Stephens Samantha Female $40,000 13/168 Event Place, Manuka EMPO02 Mundi Selene Female $42,000 78 Furies Road, Parkes EMP003 Velox Hannah Female $45,000 268 Thalia Crescent, Hughes 7. Services Information Acton Cleaning sells the following cleaning packages: Item # Name CLE001 Final inspection (180 mins) CLE002 Final inspection big (240 mins) CLE003 Weekly clean (90 mins) CLE004 Fortnightly clean (120 mins) CLE005 Monthly clean (150 mins) Unit of Measure Each Each Each Each Price $250.00 $300.00 $120.00 $150.00 Each $180.00 9. Transactions and Events for July 2020 DATE Transaction O July 1 The business paid rent for the small office space for the period 1 July to 31 July of $1,200. 1 Paid quarterly insurance premium (for the period 1 July to 30 September) of $3,600 cash. 1 Paid $300 for office supplies, estimated to be evenly used in the next 3 months. 1 The business purchased and received delivery of the following cleaning supplies on credit from: Spick Wholesale: $250 worth of cleaning supplies The Clean Factory: $220 worth of cleaning supplies 2 Paid online advertising expense of $400. 6 Cleaning revenue from various clients (cash received): 17 units CLE001 2 units CLE003 6 units CLE005 7 units CLE002 6 units CLE004 Hint: For the assignment purpose, you can create a client named as 'various clients' to record the transaction. 7 Business paid weekly salaries to all employees. (Payment date: 7th July; Payment period: 1* July - 7th July.) 12 Paid Spick Wholesale for cleaning supplies purchases made on the 1" July. 13 Cleaning revenue from various clients (cash received): 5 units CLE001 6 units CLE003 6 units CLE005 12 units CLE002 12 units CLE004 14 Business paid weekly salaries to all employees. (Payment date: 14" July; Payment period: 8th July - 14th July.) 15 Paid The Clean Factory for cleaning supplies purchases made on the 1" July 17 The business purchased and received delivery of the following cleaning supplies on credit from: The Clean Factory: $500 worth of cleaning supplies 20 Paid advertising expenses of $400. 20 Cleaning services revenue from various clients (cash received). 7 units CLE001 12 units CLE003 7 units CLE005 5 units CLE002 7 units CLE004 Business paid weekly salaries to all employees. (Payment date: 21th July; Payment period: 15h July - 21h July.) O O 21 O O O O DATE Transaction July 25 Paid The Clean Factory for cleaning supplies purchases made on the 17th July 28 Business paid weekly salaries to all employees. (Payment date: 28th July; Payment period: 21" July - 28th July.) 27 The business purchased and received delivery of the following cleaning supplies on credit from: Spick Wholesale: $900 worth of cleaning supplies 31 Paid $400 water bill. 31 Paid $400 electricity bill. 31 Paid $60 in postage expense. 31 Physical counts show that there are $200 office supplies and $100 cleaning supplies on hand. Depreciation for the month: Furniture and Fixtures - $60 Office Equipment - $44 Cleaning Equipment - $70 Complete adjusting entries for office supplies, cleaning supplies, prepaid insurance, prepaid rent and depreciation. Round calculated numbers to the nearest dollar. (To simplify the assignment, there is no need to adjust salaries expense for the period from 29th -31" July). Hint Record via the Record Journal Entry option. END OF TRANSACTION LIST