High Liner Foods Incorporated processes and markets prepared frozen seafood throughout Canada, the United States, and Mexico

Question:

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 6-14 presents the company's consolidated balance sheets and statements of income (loss) from its 2009 annual report.
Required:
a. Calculate the following ratios for both 2009 and 2008:
i. Current ratio
ii. Quick ratio
iii. turnover ratio (Use the balance of at each year end for this calculation, rather than average balances.)
b. Comment on the results of the above ratio calculations and any significant trends they reveal.
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...