Please answer the last 3 questions QUESTION 2The condensed Statement of Comprehensive income, Statement of FinancialPosition and other financial information for Soori Limited appear below.INFORMATIONSoori LimitedStatement of comprehensive income for the year ended 31 DecemberRSales803 750(676 500)127 250Cost of salesGross profitOperating expensesOperating profitInterest expense(92 250)35 000(12 250)Profit before tax22 750Income tax(9 100)Profit after tax13 650Statement of Financial Position as at 31 December 2020AssetsRNon-current assets146 250Current assets327 500Total assets473 750Equity and liabilitiesShareholders' equityNon-current liabilities196 650128 250Current liabilitiesTotal equity and liabilities148 850473 750 NoteCurrent assets (R327 500) include accounts receivable of R168 000, inventoriesof R75 000 and cash of R84 500.Inventories as at 31 December 2019 amounted to R105 000.Current liabilities comprise accounts payable only.All purchases and sales are on credit.REQUIREDCalculate the following ratios. Where applicable, round off answers to two decimal places.Profit marginDebtor collection periodCreditor payment periodInventory turnoverReturn on own capitalicid test ratio

Inventory turnover ratio shows how many times inventory is sold in the particular period. Acid test…

Note Current assets (R327 500) include accounts receivable of R168 000, inventories of R75 000 and cash of R84 500. Inventories as at 31 December 2019 amounted to R105 000. Current labiltes comprise accounts payable only. All purchases and sales are on credit REQUIRED Calculate the following ratios. Where applicable, round off answers to two decimal places. Profit margin Debtor collection period Creditor payment period Inventory tumover Return on own capital icid test ratio 1. ...

Note Current assets (R327 500) include accounts receivable of R168 000, inventories of R75 000 and cash of R84 500. Inventories as at 31 December 2019 amounted to R105 000. Current labiltes comprise accounts payable only. All purchases and sales are on credit REQUIRED Calculate the following ratios. Where applicable, round off answers to two decimal places. Profit margin Debtor collection period Creditor payment period Inventory tumover Return on own capital icid test ratio 1. ...

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter2: Financial Statements And The Annual Report

Section: Chapter Questions

Problem 2.6P: Single-Step Income Statement The following income statement items, arranged in alphabetical order,...

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