Question 2 The following are summarised statements for Hollie's Fashion Wholesalers Ltd for 2021: Income statement for the year ended 31 December 2021 Hollie's Fashion Wholesalers Ltd 000 000 Revenue 690 Cost of Sales Opening inventory 158 545 Purchases -135 568 less closing inventory Gross profit 122 Expenses 68 54 Operating profit Interest Profit before tax 47 Tax 25 Profit for the year 22 Statement of financial position as at 30 December 2021 Hollie's Fashion Wholesalers Ltd Assets 000 Non-current assets 290 Current assets Inventories 135 Trade receivables 93 Bank 8 Total assets Equity and liabilities Equity 1 ordinary shares Retained earnings Current liabilities Trade payables Total equity and liabilities 7 236 526 275 116 391 135 135 526 5 Required: Part 1 Calculate the following for Hollie's Fashion Wholesalers Ltd: 1. The operating cash cycle in days 2. The liquidity ratios (current ratio and acid test) (15 marks) Part 2 b) Using all the figures calculated in Part 1, discuss the liquidity position of this business. In your answer, explain areas of concern and advise the company what actions you recommend. Max 400 words (30 marks) otal Question 2: 45 Marks)