The information shown below (Solvency Measures lable) depicts solvency ratios for Ace Company over a two-year period. The table also presents industry averages for the solvency ratios. Analyze the data related to Ace Company and comment on its performance. SOLVENCY MEASURES Ace Co. Ace Co. Current Prior Industry Year Year Average Current ratio 2.5 2.4 2.2 Quick ratio 1.2 1.2 1.0 Accounts receivable Turnover 7.6 7.9 10.1 Number of days' sales in Receivables 48 46 36 Inventory turnover 4.7 4.6 4.3 Number of days' sales in Inventory 77 79 85 Ratio of fixed assets to long-term liabilities 3.6 3.6 3.7 Ratio of liabilities to stockholders' equity 0.6 0.7 0.9 No. of Times Interest Charges Earned 8.2 8.0 9.5 Using Microsoft Word, compose an initial response thread that answers each of the following three questions. MAKE SURE THAT YOUR RESPONSE INCLUDES AN EXPLANATION OF YOUR ANSWER, NOT JUST "BETTER or WORSE;" YOUR EXPLANATION IS MORE IMPORTANT THAN THE ANSWER ITSELF BECAUSE YOUR EXPLANATION SHOWS THAT YOU COMPREHEND AND UNDERSTAND THE ACCOUNTING CONCEPT. 1. For each Solvency ratio, state whether or not Ace has improved from the prior year. 2. For each Solvency ratio, state whether Ace compares favorably or unfavorably with the industry average. 3. Comment on any significant items noticed when reviewing the solvency ratios and Ace's overall solvency