From the same information in the previous question (Question 6), calculate the following ratios for the business for both 2019 and 2020 separately, and at the end, briefly comment on the changes in the accounting ratios and the firm's financial position from 2019 to 2020: a) Gross profit as % of sales b) Inventory turnover c) Rate of net profit on capital employed (use the sum of ending balances of the year for long-term liabilities and capiti d) Current ratio e) Acid test ratio 1) Account receivable/sales ratio g) Account payable/purchases ratio The following Information were extracted from the financial reports of P.Howell, so le-trader. From the details below income Statement in 2020, and Balance Sheets in 2019 and 2026) you are to drama statementarash flow for P. He well for the year ending 31 December 2020. P. Howell Income Statement for the year ending 31 December 2019 2020 140,800 20,100 95,000 128.500 190.000 50.000 500 2.000 2,500 5500 Sales 116.900 Liss Cost of coods sold Opening inventory 28.400 Add Porchmes 75.000 Less Closing inventory 24,3001 179,100) Gross Profit 37,800 Add Discounts relved 400 Profit on sale of fumitur 400 33200 less pente Decy 1,100 Telephone 2.400 Saly 10,500 General Expenses 1,600 Badebt 500 Increase in allowance for doubtful debt 100 Depreciation Furniture 1,000 (17.2001 21,000 Statement of Financial Position at 31 December 2019 E Non-current Furniture Cost 28,000 Less depreciation to date 18.000) 20,000 1.500 3,200 15,600 2.100 700 200 1.000 124,300) 28,200 2020 E 21,000 15,000) 16,000 Current assets Inventory Accounts receivable less wiowance Bank 24,300 5.100 4,000 28.500 4.100 9.000 Total Assets 33,400 55,400 41.600 57,600 Current Liabilities Accounts payable 2,700 3,200 Non-current liabilities Loan from I. Abalor Total liabilities Net asets 7.000 4,000 19,700) 43,200 17,200) 50.400 Capital Opening balance b/d Add Net profit Add Capital introduced Less Drawing Total Capital 15,800 21,000 6,900 43,700 28,200 43 200 21.500) 50.400 Accounts receivable 2019 65,700 wlowance 1600 Accounts receivable 2020 4,900 allowance 6800 Note: Some tumiture were sold for 5,000 during 2020. No new fumiture was purchased during