High Liner Foods Incorporated processes and markets prepared frozen seafood throughout Canada, the United States, and Mexico under the High Liner and Fisher Boy brands. It also produces private label products, and supplies restaurants and institutions. Exhibit 6-11 contains financial statements that were included in the company€™s 2013 annual report:

Required:
a. Calculate High Liner€™s following ratios for both 2013 and 2012:
i. Current ratio
ii. Quick ratio
iii. Accounts receivable turnover (use the balance of accounts receivable at each year end for this calculation, rather than average balances)
iv. Average collection period
b. Comment on the results of the above ratio calculations and any significant trends they reveal.

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EHURIT 6-11A HIGH LINER FOODS INCORPORATED'S 2013 CONSOLIDATED STATEMENT OF INCOME CONSOLIDATED STATEMENT OF INCOME Fifty-two weeks ended December 28, 2013 December 29 (in thousands of U.S. dollars, except per share amounts) 2012 $947,301 $942,631 735,970 Cost of sales Gross profit Distribution expenses Selling, general and administrative expenses Impairment of property, plant and equipment Business acquisition, integration and other expenses Results from operating activities Finance costs 731,884 215,417 53,368 98,902 206,661 44,511 100,862 13,230 10,741 3,256 59,891 16,329 37,317 36,585 196 536 me) loss from accounted investee, net of income tax Income before income taxes 43,648 Income taxes 20 20 12,378 5,442 Deferred Total income tax expense (recovery) Net income 12,292 $ 31,356 S 2,203 HIGH LINER FOODS INCORPORATED'S 2013 CONSOLIDATED 펴KIET 6-11B STATEMENT OF FINANCIAL POSITION CONSOLIDATED STATEMENT OF FINANCIAL POSITION (in thousands of U.S. dollars) ASSETS Current: Notes 2013 2012 Income taxes receivable Other financial assets Inventories Prepaid expenses $ 1,206 91,334 3,509 1,524 254,072 2,952 354,597 65 73,947 5,145 533 222,313 2,991 304,994 Total current assets Non-current: 89,268 7,207 2,035 110,631 112,873 322,014 4,819 631,827 plant and equipment 97,503 4,656 1,906 105,253 111,999 321,317 542 $676,456 Deferred income taxes Other receivables and miscellaneous assets Intangible assets Goodwill 20 Total non-current assets Assets classified as held for sale Total assets December 28, 2013 December 29 2012 (in thousands of U.S. dollars) LIABILITIES AND SHAREHOLDERS' EQUITY Current: Notes Bank loans Accounts payable and accrued liabilities Provisions Other current financial liabilities Income taxes payable Current portion of long-term debt Current portion of finance lease obligations $97,227 103,215 240 459 2,543 $59,704 101,441 1,614 550 1,165 34,237 1,039 199,750 12 13 979 Total current liabilities 204,663 Non-current: Long-term debt Other long-term financial liabilities Other long-term liabilities Long-term finance lease obligations Deferred income taxes Future employee benefits 13 226,929 5,597 1,044 1,647 43,998 7,929 287,144 213,359 1,130 1,532 2,181 45,126 13,791 277,119 1,604 478,473 20 Total non-current liabilities Liabilities directly associated with the assets held for sale Total liabilities Shareholders' equity: 491,807 Common shares Contributed surplus Retained earnings Accumulated other comprehensive (loss) income 80,260 13,781 90,792 (184) 184,649 $676,456 75,169 7,719 66,373 4,093 153,354 $631,827 Total shareholders' equity Total liabilities and shareholders' equity