The comparative financial statement of new World Piano Company for 20X3,20X2, and 20X1 included the following selected data: 2003 2002 2003 In Millions Cash $67 $66 $62 Short Term Investments $93 $101 $69 Recivables, net of allowance for doubtful accounts of $7, $6, $4 respectively $206 $154 $197 Inventories $408 $383 $341 prepaid expenses $32 $31 $25 ________________________________ total current assets $806 $735 $694 total current liabilities $440 $416 $388 Income Statement: Net Sales $2,071 $2,005 $1,944 1. Compute these ratios for 2003 and 2002 ( Must Show Work ) A - Current Ratio B - Acid-test Ratio C - Days' sales in receivables 2. Write a memo explaining to top management which ratio values showed improvement from 2002 to 2003 and which ratio values deteriorated. State whether the overall trend is favorable or unfavorable for the company and give the reason for your evaluation.