(d) Extracts from the financial statements of A Ltd for the years ended 31 March 20X2 and 20X3 are given below: Statement of Comprehensive Income Year Ended 31 March 20X2 20X3 $ I $ $ $ Sales Revenue (including 3,100,000 3,800,000 cash sales $300,000 in 2002 and $100,000 in 2003) Cost of sales Opening inventory Purchases (all credit) Less closing inventory 360,000 2,080,000 2,440,000 540,000 2,580,000 3,120,000 540,000 (1,900,000) 720,000 (2,400,000) Gross Profit Expenses Net Profit Statement of Financial 1,200,000 (900,000) 1,400,000 (1,100,000) 300,000 300,000 Position Current assets Inventory 540,000 720,000 Trade Receivables 450,000 990,000 700,000 1,420,000 Current liabilities Trade Payables 410,000 690,000 Bank overdraft 20,000 430,000 170,000 860,000 Page 8 of 9 Required for part (d): Calculate the following for year 20X2 and 20X3: - Current ratio Quick ratio -Inventory turnover (in days) Receivable days - Payable days Thereafter, please make brief comments on the changes in the position of the company as revealed by the changes in these ratios and/or in the given figures from the financial statements