AP Torstar Corporation is a media company that publishes newspapers and digital media. The company reports the following current assets and current liabilities at December 31, 2019 (in thousands).

Accounts payable and accrued liabilities                                                         $ 58,453 

Assets held for sale ................................................................................................ 6,021 

Cash and cash equivalents ................................................................................ 42,177 

Deferred revenue ................................................................................................ 12,691 

Derivative financial instruments ............................................................................  16 

Income taxes payable ...............................................................................................107 

Inventories ..............................................................................................................   2,709 

Lease liabilities ..........................................................................................................4,096 

Prepaid expenses ......................................................................................................5,141 

Provisions ..................................................................................................................  24,253 

Receivables ................................................................................................................ 120,924 

Restricted cash ............................................................................................................   8,225

Instructions 

a. Prepare the current liabilities section of the balance sheet. The provisions are due within 12 months of the balance sheet date. The Derivative financial instruments are financial liabilities to be settled within the next 12 months. 

b. Calculate the current and acid-test ratios. Assets held for sale is classified as a current item. 

c. At December 31, 2018, Torstar Corporation had total current assets of $189,947 thousand, which included cash and cash equivalents of $68,227, restricted cash of $7,175, and receivables of $105,143. Current liabilities were $92,263 thousand. Did the current and acid-test ratios improve or weaken in 2019?  

What other factors should be considered in assessing Torstar’s liquidity?