Refer the following table. 2015 $ 37 49 Airspace Technologies Inc. Comparative Balance Sheet Information November 30 (millions of $) 2017 2016 Cash $ 74 $ 25 Accounts receivable (net) 123 61 Inventory 205 241 Prepaid rent 85 49 Plant and equipment (net) 850 833 Accounts payable 109 66 Accrued liabilities 133 Income tax payable 30 18 Preferred shares 133 133 Common shares 253 253 Retained earnings 611 567 201 37 829 56 90 133 253 609 Airspace Technologies Inc. Income Statement For Year Ended November 30, 2017 (millions of $) 2017 Net sales $ 1,460 Cost of goods sold 2016 $ 1,244 449 521 $ 939 Gross profit Operating expenses: Depreciation expense Other expenses $ $ $ 74 795 74 350 506 Total operating expenses 580 424 $ 359 $ 371 Profit from operations Interest expense Income tax expense 43 33 Profit $ 266 $ 286 Required: Calculate Airspace's liquidity and efficiency ratios for 2017 and 2016. Use Exhibit 17.14. (Round the final answers to 2 decimal places.) 2017 2016 :1 times times Ratio Current ratio Quick ratio Accounts receivable turnover Days' sales uncollected Inventory turnover Days' sales in inventory Total asset turnover Accounts payable tumover days days times times days days times times times times Analysis Component: Identify whether the change in each ratio from 2016 to 2017 was favourable or unfavourable. Ratio Favourable/ Unfavourable Current ratio Quick ratio Accounts receivable turnover Days' sales uncollected Inventory turnover Days' sales in inventory Total asset turnover Accounts payable turnover