L Assume Mikel Corporation reported the following items at year-ends 2020 and 2019. i (Click the icon to view the comparative financial information.) Requirements 1. Using the facts provided, calculate the information that is relevant in measuring the liquidity of the company for 2020. Assume Mikel sells on terms of net 30 days. 2. Recommend two ways the company can speed up its cash flow. Requirement 1. Using the facts provided, calculate the information that is relevant in measuring the liquidity of the company for 2020. Assume Mikel sells on terms of net 30 days. First calculate the acid-test ratio. (Round to two decimals places.) 2020 (a) Acid-test ratio ce Comparative financial information Current assets: Cash Short-term investments Accounts receivable, net Inventories Other current assets Canital assots Mikel Corporation Consolidated Balance Sheets (Summarized) (amounts in millions) March 1 March 31 2020 2019 Current liabilities: $ 1,144.4 S 637.1 420.7 794.7 356.3 294.3 2,033.8 310.1 192.6 Long-term liabilities 215.9 96.6 Shareholders' equity Done 1.169.6 Accounts payable Other current liabilities Print March 1 2020 $ March 31 2019 241.1 S 1,173.3 103.2 3,526.6 100.3 386.3 58.8 2,076.5 Comparative financial information 2020 2019 Current assets: Cash $ 1,144.4 S Short-term investments 420.7 Accounts receivable, net 794.7 Inventories 356.3 Other current assets 294.3 Capital assets 2,033.8 1,169.6 Total assets $ 5,044.2 $ 2,621.9 Income Statement (partial): 2020 Revenue $6,039.4 Current liabilities: 637.1 310.1 192.6 Long-term liabilities 215.9 96.6 Shareholders' equity Accounts payable Other current liabilities Total liabilities and equity 2020 2019 $ 241.1 $ 100.3 1,173.3 386.3 103.2 58.8 3,526.6 2,076.5 $ 5,044.2 $ 2,621.9 I 4 X