Question 1 Grove Ltd had the following comparative current assets and current liabilities: 30 June 2020 30 June 2019 Current assets Cash Marketable securities Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accounts payable Salaries payable Income tax payable Total current liabilities $ 30,000 40,000 55,000 110,000 35,000 $270,000 $ 30,000 10,000 95,000 90,000 20,000 $245,000 $120,000 40,000 20,000 $180,000 $110,000 30,000 15,000 $155,000 During 2020, credit sales and cost of goods sold were $450,000 and $250,000, respectively. Net cash provided by operating activities for 2020 was $134,000. Required: (A) Compute the following liquidity measures for 2020 (5 Marks) 1. Current ratio 2. Quick ratio 3. Current cash debt coverage ratio 4. Receivables turnover 5. Inventory turnover