Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. finance management extract of statement of compr

Finance management Extract of Statement of Comprehensive Income for the year ended 28...

90.2K

Verified Solution

Question

Finance

Finance management

Extract of Statement of Comprehensive Income for the year ended 28 February 2023

$Sales (70% of sales on credit) 355 000Cost of sales 215 000Opening inventory 71 500Purchases (all credit) 230 000 301 500Closing inventory -86 500

Extract of Statement of Financial Position as at 28 February 2023

$Current assets220 500Inventories 86 500Account receivables 50 000Cash and cash equivalents 84 000Current liabilities68 350Accounts payable47 500Other liabilities 20 850

Use the information provided to calculate and comment on the following ratios for 2023. Where relevant, round off answers to two decimal places.

a. Current ratio b. Acid test ratio c. Inventory turnover d. Debtor collection period e. Creditor payment period

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Jenna is an active teenager involved in sports at school and loves playing with her older...

Medical Sciences
Q

please answer all qustions and all parts and make sure you have the right answers. 1. An...

Physics
Q

Suppose that the demand curve for wheat is D ( p ) = 120 − 10 p , and the supply curve is S ( p )...

Economics
Q

answer question #7 The Glory Mountain State Ski Area The Glory Mountain State Ski Area –...

Accounting
Q

A siren generates a sound with a frequency of 250Hz but when you hear the...

Physics
Q

triangle XYZ is reflected over the y axis what are 64 O 2 A 4...

Basic Math
Q

What is the rate of change 1 B X y 2 3 4 5 4...

Basic Math
Q

Married person- If the amount of wages (after subtracting withholding allowances) is: The amount of...

Accounting
Q

Larren Buffett is concerned after receiving her weekly paycheck. She believes that her deductions for...

Accounting
Q

pre adjustment trial balance on 29 February 2020 was extracted from the records of maximinus...

Accounting
Q

Standards are more widely used for nonmanufacturing activities than for manufacturing activities. True False

Accounting
Q

please help with all three QUESTION 20 Cochrane, Inc.,...

Finance