The following selected information is available for Nutco Inc. for three fiscal years: 2021 2020 Current assets $46,000 $31,000 Non-current assets $60,000 $72,000 Current liabilities $33,580 $22,490 Non-current liabilities $26,000 $52,000 Shareholders' Equity $46,420 $28,510 Service revenue $120,000 $100,000 Operating expenses $108,700 $94,600 Net income $7,910 $3,510 Required (parts a, b, c & d): a) Calculate the current ratio for 2021 and 2020. b) Current ratio 2021 2020 Using the data calculated in part a) and the industry average of 1.4:1, has the company's liquidity improved or deteriorated? Explain. Calculate the debt to total assets for each year. b) Using the data calculated in part a) and the industry average of 1.4:1, has the company's liquidity improved or deteriorated? Explain. 6 d) Calculate the debt to total assets for each year. Debt to total assets 2021 2020 Using the data calculated in part c) and the industry average of 60%, has the company's solvency improved or deteriorated? Explain. Assignment #2