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Eve Emerson commenced trading as a retailer of hill walking kit on 1 April 2020. Eves business has traded profitably, and she has given you the following details of her business activities for the 12 months ended 31 March 2021.

Sales 143,000

Inventory at 31 March 2021 42,000

Distribution costs 16,000

Purchases 97,000

Trade payables 2,200

Accruals 3,000

Receivables 2,870

Cash at bank 419

Administrative expenses 1,400

Insurance 900

Notes

1. Inventory at 1 April 2020 was 23,230.
2. Non-current assets (at cost on 1 April 2020) were 120,000.
3. Non current assets at cost comprised buildings (80,000), fixtures and fittings (20,000) and a car (20,000). Annual depreciation is to be provided at 10% on a straight line basis on fixtures and fittings, and at 25% on a reducing balance basis on cars.
4. Insurance was paid for a 12 month period commencing 1 October 2020.
5. Eve withdrew 200 from the business each month for her own purposes. Eve lives alone and has no other source of income.

Required

Prepare the Statement of Profit and Loss and the Statement of Financial Position for the year ended 31 March 2021. You will have to use balancing figures where necessary. Calculate the Gross Profit Margin and the Quick Ratio, and briefly assess the performance of Eves business in its first year.

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