The balance sheet for .....

Question 1 (20 marks) The balance sheet for Jude Clothing is shown below. Sales for the year were $2,400,000, with 90% of sales sold on account. Number of days in 2019 was 365 days. Jude Clothing Balance Sheet 31 December 2019 $ Assets Cash Account receivable Inventory Plant and equipment Total assets 60,000 240,000 350,000 410,000 1,060,000 Liabilities and Equity Accounts payable Accrued taxes Bonds payable (long-term) Common stock Retained earnings Total liabilities and equity 220,000 30,000 150,000 280,000 380,000 1,060,000 Required: 1. Compute the following ratios (with correct units and with 2 decimal places): a. Current ratio b. Quick ratio c. Debt-to-capital ratio d. Total assets turnover ratio e. DSO f. Days inventory turnover ratio (14 marks) 2. Suppose the industry average for current ratio and quick ratio are 2.05 times and 1.50 times respectively, comment on Jude Clothing's short term liquidity positions. (6 marks)