2 The following information was extracted from the trial balance of Bikes for All (Pty) Ltd. for the two years ending 29 February 2020 and 28 February 2019. 2020 2019 R R Sales 450 000 320 000 Sales returns/Debtors allowances 50 000 20 000 Purchases 120 000 180 000 Purchases returns/Creditors allowance 20 000 80 000 Capital 200 000 150 000 Short term loan 40 000 20 000 Long term loan 120 000 0 Short term investment 50 000 50 000 Creditors/Accounts payable 20 000 30 000 Debtors/Accounts receivable 80 000 90 000 Provision for bad debts/Allowances for credit loss 8 000 9 000 Inventory 45 000 35 000 Cost of sales 100 000 80 000 Net profit 160 000 110 000 Total assets 300 000 200 000 Total liabilities 280 000 250 000 75% of sales are on credit. 40% of purchases are cash. Before attempting multiple choice questions 8 - 15, FIRST, calculate the following for 2020 year only: 1. Gross profit percentage (2) 2. Net profit percentage (3) 3. Debtors collection period (days) (3) 4. Creditors payback period (days) (3) 5. Acid test ratio (4) 6. Current ratio (3)