Vancouver International Corporation Balance Sheet December 31, 2020 and 2019 2020 2019 Current assets Cash Short-term investments Accounts receivable, net Inventory Prepaid expenses Total current assets $18,000 18,000 29,000 37,000 4,000 $106,000 $6,000 7,000 23,000 35,000 3.000 $74,000 I Property, plant, and equipment, net Other assets Total assets 33,300 27.000 $166,300 35,000 22.500 $131,500 Current liabilities Short-term borrowings Accounts payable Total current liabilities $32,400 34,000 $66,400 $12.900 21.500 S34,400 Non-current debt Total liabilities 37,500 S103,900 33,000 $67,400 Shareholders' equity Common shares Retained earnings Total shareholders' equity Total liabilities and shareholders equity $20,000 42.400 562.400 $166,300 $20,000 44.100 564,100 $131,500 Additional information for year 2019: Total shareholders' equity Total liabilities and shareholders' equity $62,400 $166 300 $64,100 $131,500 Additional information for year 2019: Net income from operations Interest expense Depreciation expense Cost of goods sold Net credit sales $23,600 $2,650 $1,700 $146,000 $385,000 Industry benchmarks: current ratio 1.50 acid test 1.00 debt ratio .62 inventory turnover 4.10 receivable turnover 30.1 I Required: Calculate the following 2019 ratios for the company: Current ratio Acid test Inventory turnover Accounts receivable turnover Debt ratio Times interest earned Based upon your calculations comment on the company's ability to: 1) pay their current liabilities 2) meet their overall liabilities 3) to sell inventory and collect accounts receivables