there is no more information

1. Current Asset Management Consider Passer Ltd and Pont Ltd. These two firms operate in the same industry. The current balance sheets for each firm, sales and net profit figures and their current costs of borrowing are: Required: (a) In the above data, it is not possible to put exact figures on TCA and PCA. Please define these two terms. (2 marks) (b) Using any ratios you consider relevant, identify, compare and contrast the asset management policies of the two companies, including the financing of them and their impacts on profitability. (12 marks) (c) Assuming no change in interest rates, what advice would you give the managers of each of these two companies? (3 marks) (d) Would this advice change if you thought that the interest rate on short-term debt is likely to be doubled shortly? If so, in what respects