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The comparative statement of financial position of Culver Inc. as at June 30, 2020, and a statement of comprehensive income for the 2020 fiscal year follow: CULVER INC. Statement of Financial Position June 30, 2020 December 31 Assets 2020 2019 Cash $ 20,000 $ 45,000 Accounts receivable 85,100 71,700 Inventory 103,200 101,600 Prepaid expenses 2,900 5,600 FV-OCI investments 47,400 44,500 Equipment 170,000 158,500 Accumulated depreciation-equipment (34,900) (25,000) Total $393,700 $401,900 Liabilities and Shareholders' Equity Accounts payable $105,000 $101,000 Income tax payable 1,500 3,300 Dividends payable 4,600 Long-term notes payable 88,900 118,000 Common shares 31,000 24,100 Retained earnings 151,800 146,900 Accumulated other comprehensive income 10,900 8,600 Total $393,700 $401,900 CULVER INC. Statement of Comprehensive Income For the Year Ended June 30, 2020 Net sales $325,000 Cost of goods sold 167,000 Gross profit 158,000 Operating expenses 122,500 Income from operations 35,500 Interest expense 8,400 Income before income tax 27,100 Income tax 5,600 Net income 21,500 Other comprehensive income Unrealized gain or loss-OCI 2,300 Comprehensive income $ 23,800Additional information: 1. Culver follows IFRS. Assume that interest is treated as an operating activity for purposes of the statement of cash flows. 2. Operating expenses include $9,300 in depreciation expense. 3. There were no disposals of equipment during the year. 4. Common shares were issued for cash. 5. During the year, Culver acquired $8,600 of equipment in exchange for long-term notes payable. The statement of cash flows for the year ended December 31, 2020 follows: CULVER INC. Statement of Cash Flows For the Year Ended June 30, 2020 Cash Flows from Operating Activities Net Income I (Loss) $21,500 Adjustments to reconcile net income Net Cash Provided by Operating Activitia Depreciation Expense $9,300 Increase in Accounts Receivable -13,400 Increase in InventoryI 1,600 Decrease in Prepaid Expenses 2,}'00 Increase in Accounts Payable 4,000 Decrease in Income Taxes Payable -1,B00 2,400 Net Cash Provided by Operating Activities 23,900 Cash Flows from Investing Activities Purchase of Equipment -2,900 Net Cash used in Investing Activities -2,900 Cash Flows from nancing Activities Payment of Cash Dividends -12,000 Repayment of Notes Payable -37,700 Issuance of Common Shares 6,900 Net Cash used in nancing Activities -42,B00 Net Decrease in Cash -21,B00 Cash at Beginning of Year 45,000 Cash at End of Year $23,200 Calculate the current and acid-test ratios for 2019 and 2020. (Round answers to 2 decimal places, e.g. 52.75.) 2020 2019 Current ratio 1 1 Acid test ratio :1 : 1 LINK TO TEXT Calculate Culver's current cash debt coverage ratio for 2020. (Round answer to 2 decimal places, e.g. 52.75.) Current cash debt coverage : 1 LINK TO TEXT Calculate Culver's cash debt coverage ratio for 2020. (Round answer to 2 decimal places, e.g. 52.75.) Current cash debt coverage : 1 LINK TO TEXT Calculate Culver's times interest earned ratio for 2020. (Round answer to 2 decimal places, e.g. 52.75.) Times interest earned times