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Profit and loss account for Lee PLC for year ending December 2011 Sales 137,000 less...

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Accounting

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Profit and loss account for Lee PLC for year ending December 2011 Sales 137,000 less cost of goods sold 63,000 Gross profit 74,000 operating expenses 25,000 profit before interest and tax 49,000 less interest 15,000 34,000 tax 5,000 29,000 dividends 15,000 retained profits 14,000 Balance sheet for Lee PLC as at December Fixed assets 800,000 Current assets inventory (Stock) 15,000 10,000 debtors cash 12,678 37,678 Liabilities creditors 15,000 net current assets 22,678 822,678 Capital and reserves 542,678 Loan 280,000 822,678 Which of the following is closest to the current ratio for Lee plc? O O 1.51:1 2.51:1 0.40:1 1.5:1

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