Chapter 4 The Balance Sheet (1): Assets 11. The balance sheet of Steel Traders Inc. as at December 31, 2020, was as follows: Current assets Curreat liabilities $ 50,000 Trade payables s 165,000 Receivables 450,000 Bank loan 180,000 Inventory - 425.000 Income tax due 55.000 Total $ 925,000 Total $ 400,000 Long-term' assets 500,000 Long-term liabilities 450.000 Total liabilities 850,000 Equity Share capital $ 175,000 {:[" Retained earnings "],[" Total "]:} (400,000)/(575,000) Total 425.000 Total 1.425,000 You are told that the sales revenue for 2020 was $9,800,000 and that the company made a net income of $500,000 in 2020. Required (a) Calculate the following ratios: (i) Current ratio (ii) Quick ratio (iii) Receivables turnover ratio (iv) Receivables collectio