Highlight Rotate M The financial statements of Kit's Caf Include the following items: Balance Sheet Cash Short term investments 2020 2019 $ $ 56,800 44,800 Net accounts receivable Inventory Prepaid expenses Total current assets Total current liabilities Income Statement Net credit sales 66,400 22,400 155,200 109,600 210,400 204,800 19,200 38,400 508,000 420,000 318,400 220,400 Cost of goods sold Net profit/Net income Credit policy: Invoices payable within 30 days 1,113,600 760,600 100,000 Required: Calculate the following ratios (to two decimal places) for 2020 & 2019: a) current ratio b) quick (acid-test) ratio (4 marks) (5 marks) Calculate the following ratios (to two decimal places) for 2020: c) inventory turnover (2 marks)