Current ratio is a liquidity ratio that gives information on a firm’s ability

Evaluate the following problem. After your results, write a 2-3 page APA formatted paper how this approach can be used by business in order to make better strategic business decisions. Please be sure to provide examples by using your textbook, LIRN-based research, and the Internet.Blackwell Automotive’ s balance sheet at the end of its most recent fiscal year shows the following information:AssetsLiabilities and Stockholders’ EquityCash and marketable securities$ 23,015Accounts payable$ 163,257Accounts receivable141,258Notes payable 21,115Inventories212,444Total current assets$ 376,717Total current liabilities$ 184,372Long-term debt168,022Total liabilities$ 352,394Net plant and equipment711,256Common stock313,299Goodwill and other assets89,879Retained earnings512,159Total assets$1,177,852Total liabilities and stockholders’ equity$1,177,582In addition, it was reported that the firm had a net income of $156,042 on sales of $4,063,589.a. What are the firm’s current ratio and quick ratio?b. Calculate the firm’s days’ sales outstanding (DSO), total asset turnover ratio, and the current fixed asset turnover ratio