Question 3 10 (10 minutes) Omni Consumer Products Ltd. ("Omni") revealed the following information for the years endec December 31, 2020 and 2019: 2020 25,000 435,000 675,000 885,000 2019 24,500...

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Extracted text: Question 3 10 (10 minutes) Omni Consumer Products Ltd. ("Omni") revealed the following information for the years endec December 31, 2020 and 2019: 2020 25,000 435,000 675,000 885,000 2019 24,500 550,000 630,000 600,000 Cash Accounts Receivable Inventory.. Property, Plant and Equipment.. Accounts Payable.. Long-term Debt. $1,040,000 $5,000,000 $1,091,000 $5,290,000 Net Credit Sales $4,054,000 $4,169,000 Omni's credit terms are net 30 days. Instructions 1. Calculate Omni's 2020 and 2019 current ratio. 2. Calculate Omni's quick ratio for 2020 and 2019. 3. Comment on Omni's year over year liquidity position. 4. Calculate Omni's accounts receivable turnover ratio for 2020. 5. On the average how long does it take Omni to collect its accounts receivable? Is this good? 6. If Omni wants to speed up collections of accounts receivable, what types of things might| Omni consider doing? Edit View Insert Format Tools Table 12pt v Paragraph v BIU