Sales 1,800,000 Cost of goods sold 1,200,000 Selling expenses 225,000 General and administrative expenses 150,000 Operating income 225,000 Tax expenses 75,000 Net income after tax 150,000 Cash 250,000 Accounts receivable 200,000 Inventory 350,000 Plant and equipment at cost 650,000 Net book value 570,000 Accounts payable 500,000 24,000 200,000 Notes payable (due in 5 months) Shareholders' equity Additional information: At the beginning of the year, the inventory and accounts receivable had balances of $420,000 and $320,000 respectively. All sales were on credit Required: (Show all calculations and round ALL answers to 2 decimal places.) a. Calculate the following ratios for the financial year ended on December 31, 2021. (i) Current ratio (8 marks) (ii) Quick ratio (iii) Inventory turnover rate (iv) Accounts receivable turnover rate b. Based on the ratios calculated in (a), explain to a short-term creditor why the current ratio and the quick ratio are different. Do you observe any liquidity problems of Aaron Limited? Explain. (6 marks)