Select information from Patel Sales and Services financial statements are listed below:

	2020	2019
Cash	60,100	64,200
Held-for-trading investment	74,000	50,000
Accounts receivable	117,800	102,800
Merchandise Inventory	126,000	115,500
Property, plant and equipment (net)	649,000	520,300
Accounts payable	160,000	145,400
Income taxes payable	43,500	42,000
Bonds payable (20,000 due each year)	220,000	200,000
Net sales	1,890,540	1,750,500
Cost of goods sold	1,058,540	1,006,000

Part A

Calculate the following ratios in the table below for 2020. Show your calculations to receive full marks). Results should be rounded to 2 decimal places.

The 2019 results for those ratios are shown in the table below. In the Conclusion column, indicate whether Patel has improved or deteriorated in 2020 as compared to 2019.

	2020	2019	Conclusion
Current Ratio		1.5:1
Inventory Turnover		12 times

Part B Marks

Discuss Patels overall financial position in 2020 compared to 2019 using your results from above.