Laith Limited manufactures confectionary items for sale to retailers. The following summary information was available for Laith for the year ended December 31, 2020: Cash $20,000 Accounts receivables 40,000 Inventory 85,000 Accounts payable 65,000 Other liabilities 15,000 1. In 2021, total sales were $465,000. of the total sales amount, $215,000 was on a credit basis. 2. At December 31, 2021, Cash had a balance of $15,000, Accounts Receivable of $95,000 Inventory of $80,000, Accounts Payable was $70,000, and Other Liabilities was $16,000. Instructions: Calculate the current ratio, the receivables turnover ratio and collection period for Laith on December 31, 2020 and December 31, 2021. Use these measures to assess Laiths liquidity. The receivables turnover ratio last year was 4.75.