Exercise 17-8 Liquidity and efficiency ratios-calculation and analysis LO4 Refer the following table. Airspace Technologies Inc. Comparative Balance Sheet Information November 30 (millions of $) 2020 2019 Cash $ 73 $ 24 Accounts receivable (net) 122 60 Inventory 204 240 Prepaid rent 84 48 Plant and equipment (net) 840 828 Accounts payable 108 65 Accrued liabilities 96 132 Income tax payable 29 17 Preferred shares 132 132 Common shares 252 252 Retained earnings 610 566 2018 $ 36 48 200 36 828 55 89 24 132 252 608 2019 $1,224 444 $ 780 Airspace Technologies Inc. Income Statement For Year Ended November 30 (millions of $) 2020 Net sales $1,440 Cost of goods sold 516 Gross profit $ 924 Operating expenses: Depreciation expense $ 72 Other expenses 504 Total operating expenses 576 Profit from operations $ 348 Interest expense 41 Income tax expense 48 Profit $ 259 $ 72 348 420 $ 360 31 50 $ 279 Required: Calculate Airspace's liquidity and efficiency ratios for 2020 and 2019. (Round the final answers to 2 decimal places. Use 365 days a year.) 2020 :1 2019 :1 :1 times :1 Ratio Current ratio Quick ratio Accounts receivable turnover Days' sales uncollected Inventory turnover Days' sales in inventory Total asset turnover Accounts payable turnover days times days times days times times times days times times Analysis Component: Identify whether the change in each ratio from 2019 to 2020 was favourable or unfavourable. Ratio Favourable/ Unfavourable Current ratio Quick ratio Accounts receivable turnover Days' sales uncollected Inventory turnover Days' sales in inventory Total asset turnover Accounts payable turnover