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Joomas Furniture company has requested that you determine whether the company's ability to pay its current liabilities and long$-$term debts improved or deteriorated during $2024.$ They provided you with the following information for Joomas for $2024$ and $2023.$

$\backslash$table$[[,2024,2023],[$Cash$,$R$27000,$R$47000],[$Shor$-$term investments,R$33000,$R$4000],[$Net receivables,R$120000,$R$135000],[$Inventory$,$R$238000,$R$271000],[$Prepaid expenses,R$22000,$R$8000],[$Total assets,R$590000,$R$510000],[$Total current liabilities,R$187000,$R$332000],[$Longterm debt,R$147000,$R$84000],[$Income from operations,R$41000,$R$169000],[$Interest expense,,R$43000]]$

$5$

PBA$4807$

MAYIJUNE $2024$ EXAMINATION

Requirements:

Determine whether Joomas ability to pay current liabilities and long$-$term debt improved or deteriorated from $2023$ to $2024.$ To answer this question calculate the following ratios for $2024$ and $2023.($Round your answers to two decimal places$)$

a$.$ Current ratio

b$.$ Acid$-$test ratio

c$.$ Debt ratio

d$.$ Times$-$interest$-$earned ratio

Summarise the results of your analysis in a written report.