Question 8 120 marks (Answer below question.) Do not get the years mixed up in the following. Note that the prior year is recorded first, and the current year, 2020 second. Adelaide Magpie International Corporation Balance Sheet as at December 31, 2019 and 2020 2019 2020 Current assets Prior Year Current Ya Cash $ 18,000 $ 94,000 Short-term investments 7,000 8,000 Accounts receivable, net 110.000 21,000 Inventory 146.000 35,000 Prepaid expenses 4.000 8.000 Total current assets $285,000 $ 166,000 Property, plant and equipment fiet Other assets Total assets 233,000 10.000 5529.000 55.000 12.000 S283.000 $ 3.000 Current liabilities Short-term borrowings Accounts payable Total current liabilities 5 13.000 20.000 538.000 $25.000 Non-current debt Total abilities 34000 $385.000 $68.000 Shareholders equity Common shared Retained earnings tal shareholder equit Total abilities Soldere $110.000 BE100 S1E000 SS 000 $135.000 50.000 $165.000 SRBSKO Additional information (for 2020): Net income from operations 2020 4.100 Interest expense $3,650 Depreciation expense $1,500 Cost of goods sold $266,000 Net sales (all on credit) $450.000 (Don't get the years mixed up noted above) Industry benchmarks: (What the average ratios are for companies in this industry) current ratio 1.50 debt ratio 62 receivable turnover 30.1 acid test 100 gross profit %: 70% inventory turnover 4.10 times interest earned 17 Required: Using financial statement ratios and other information analyse the performance of Adelaide for 2020. Write a report in good form. (In other words. How is the company performing (Don't mix up the means on the statement.)