Part 1 (18 marks) The following information relates to Securitie Ltd. 2019 1.3:1 0.7:1 Current ratio Acid test ratio Receivables turnover period Inventory turnover period Profit margin 2020 1.1:1 0.5:1 30 days 122 days 10% 45 days 92 days 7% The industry averages for current ratio and acid test ratio are 1.5:1 and 0.9:1 respectively. Required (a) State whether each of the following ratios/turnover period has improved or worsened during the period 2019 - 2020: I. Acid test ratio II. Inventory turnover period III. Profit margin (3 marks) (b) Interpret the liquidity ratios and critically evaluate the company's liquidity. (7 marks) (c) For each ratio turnover period that you identified to have worsened in Part (a), provide two possible reasons for why it has worsened. (4 marks) (d) Discuss the possible reasons that explain the change in profit margin from 2019 to 2020. (4 marks)