Question 3(20 marks) (a) Given the following information: Long-Term Liabilities = $26,000 Gross income = $18,500+ Current liabilities = $9,000 Liquid assets = $50,000- Total assets = $100,000 Monthly credit payments = $1,800! Monthly savings = $9,650 Take-home pay=$16,3004 Monthly expenses = $4,850 Calculate the (1) debt ratio, (ii) current ratio, (iii) liquidity ratio, (iv) debt payment ratio, (v) savings ratio. (15 marks) (b) Why personal financial statements are important in preparing one's budget? Explain. (6 marks)