The following amounts were reported by Crane Ltd$.$ in its most recent statement of financial position:$20242023$Cash and cash equivalents$$33,480$$$98,400$Accounts r$$ceivable $($net$)273,420205,000$Inventory$624,960479,700$Prepaid expenses$16,74016,400$Property, plant, and equipment $($net$)1,165,2001,225,700$Accounts payable$439,000307,000$Wages payable$29,00032,000$Income tax payable$24,00019,000$Deferred revenue$66,00052,000$Long$-$term bank loan payable$817,000904,000$Common shares$200,000200,000$Retained earnings$538,800511,200$The company had sales of $$1,886,598$ in $2024$ and $$1,906,500$ in $2023.$ All sales were on account.Calculate the current ratio and quick ratio for Crane Ltd$.$ for the current and preceding year. $($Round answersplaces, e$.$g$.15\mathrm{.}25.)$Question $8$ of $11$Question $8$ of $11-$ BUS $339$ Mid Term exami$-/1\mathrm{.}520242023$Current ratioQuick ratioCurrent ratioQuick ratioeTextbook and MediaCalculate Crane's accounts receivable turnover ratio and average collection period for the current and preceding years. For the accounts receivable turnover ratio, use the balance of accounts receivable at each year end for this calculation, rather than average balances. $($Round accounts receivable turnover ratio to $2$ decimal places, e$.$g$.15\mathrm{.}25$ and average collection period to $1$ decimal place, e$.$g$.15\mathrm{.}1.$ Use $365$ days for calculation.$)2024$Accounts receivable turnover ratiotimesAverage collection perioddays$2023*$timesdaysComment on whether these ratios have improved or worsened.Accounts receivable turnover ratioAverage collection period