Problem 9-16 A firm's balance sheets for the last two years are as follows: YEAR 20X1 Assets Cash $ 20,000 Accounts receivable 23,000 Inventory 22,000 Plant and equipment 35,000 Liabilities and Equity Accounts payable $ 13,000 Accruals 5,000 Current bank note 14,000 Long-term debt 37,000 Common stock 11,000 Retained earnings 20,000 $100,000 $100,000 YEAR 20X2 Assets Cash $ 24,000 Accounts receivable 19,000 Inventory 22.000 Plant and equipment 35,000 Liabilities and Equity Accounts payable $ 11,000 Accruals 9,000 Current bank note 14,000 Long-term debt 26,000 Common stock 19,000 Retained earnings 21,000 $100,000 $100,000 Sales in 20x1 were $195,000. Sales in 20x2 were $195,000 a. Based solely on the current ratio and the quick ratio, has the firm's liquidity position deteriorated or improved? Round your answers to two decimal places. Current ratios 20x1 20x2 Quick ratios Sales in 20x1 were $195,000. Sales in 20x2 were $195,000 a. Based solely on the current ratio and the quick ratio, has the firm's liquidity position deteriorated or improved? Round your answers to two decimal places. Current ratios: 2001: 20x2: Quick ratios: 2001: 20x2: The firm's liquidity position has b. Without doing a calculation, has days sales outstanding (receivables turnover) Improved? Days sale outstanding has bee c. Without doing a calculation, has inventory turnover deteriorated? Inventory turnover has see d. If the firm earned $5,000 during 20x2, what proportion of those earnings were distributed? Round your answer to two decimal places % Grade it Now Save & Continue Continue without saving