Top Ltd's income statement for the year ended 30 June 2020 and the comparative statements of financial position as at 30 June 2019 and 2020 are presented below. All sales and purchases of inventory are on credit. Depreciation expense for the year: $25 000, included in Other expenses. Top Ltd Income Statement for the year ended 30 June 2020 Assets Sales Cost of sales GROSS PROFIT Expenses: Other expenses PROFIT 2020 $ 750 000 520 000 230 000 135 000 $ 95000 Top Ltd Comparative Statements of Financial Position as at 30 June Cash at bank Accounts receivable Inventory Property, plant and equipment (PPE; at cost) Accumulated depreciation - PPE Total Assets Liabilities Accounts payable Other accrued expenses Total Liabilities Net Assets Equity Share capital Retained earnings Total Equity 2019 2020 $ 25 000 $ 13 000 44 000 58 000 120 000 180 000 77 000 99 000 (15 000) (17 000) 251 000 333 000 37 000 44 000 18 000 23 000 55 000 67 000 196 000 266 000 154 500 220 000 41 500 46 000 $ 196 000 $ 266 000 Required (a) Calculate Top Ltd's current ratio in 2019 and 2020. (b) Comment on Top Ltd's liquidity by Interpreting the results of your calculations in (a). You should comment on the values of the current ratio as well as the change in this ratio over time (c) Top Ltd's Chief Financial Offcie (CFO) recently made a comment that she did not think that current ratio is an appropriate indicator of the company's liquidity. State an issue with using current raito to measure Top Ltd's liquidity. (d) Name another ratio that could be used to assess Top Ltd's liquidity. Calculate this ratio in 2019 and 2020 and interpret the results of you calculations. In your calculations, round to the second decimal place where applicable