Deferred QUIZ-1 Question: Bambino Ltd provides you the following comparative financial data: Accounts Cash Accounts Reveivable (net) Inventory Land Buildings Accumulated depreciation-Buildings Total 2020 $4,300 $21,200 $10,000 $20,000 $70,000 ($15,000) $110,500 2019 $3,700 $23,400 $7,000 $26,000 $70,000 ($10,000) $120,100 Accounts payable Common stock (ordinary share) Retained Earnings Total $12,370 $75,000 $23,130 110,500 $31,100 $69,000 $20,000 120,100 Bambino's income statement for 2020 included Sales $100,000, Cost of Goods Sold of 460,000 and Net income $15,000. Due the experience with covid19 pandemic in 2020, the company asks you to assess its liquidity for 2020 using the ratios below calculated and use the rule of thumb as the benchmark (round to 2 decimal points if needed). 1. Current Ratio (15 marks) 2. 3. Quick (Acid test) Ratio (15 marks) Accounts Receivable turnover and average collection period (15 marks) Inventory turnover and average period of inventory in stock (15 marks) Comment on your finding by using the rule of thumb, and give your recommendation. (40 marks) 4. 5