2019 2020 R1 700 000 1 000 000 Revenue 1 000 000 400 000 Less: Cost of sales 700 000 600 000 R70 000 50 000 120 000 60 000 40 000 10 000 Gross profit Less: Operating expenses Selling expense General and administrative expenses Lease expense Depreciation expense Less: Total operating expense Profit from operations (EBIT) Less: Finance cost 100 000 50 000 R 330 000 170 000 370 000 430 000 70 000 120 000 R 300 000 R 310 000 Net profit before tax 90 000 93 000 Less: Income tax expense Profit for the year R 210 000 R 217 000 Purca Limited's Statement of financial position as at 30 September 2020 2020 2019 ASSETS Non-current assets Plant and equipment 1 200 000 1 050 000 850 000 800 000 Property and machinery Furniture and fixtures 300 000 220 000 100 000 80 000 Vehicles 50 000 50 000 Other noncurrent assets 2 500 000 2 200 000 Total gross noncurrent assets (at cost) Less: Accumulated depreciation 1 300 000 1 200 000 1 200 000 1 000 000 Current assets 600 000 900 000 Inventory Trade receivables Cash 400 000 500 000 1 000 000 500 000 2 000 000 1 900 000 TOTAL ASSETS 3 200 000 2 900 000 EQUITY & LIABILITIES 600 000 600 000 Equity Share capital Retained earnings Total equity 600 000 500 000 1 200 000 1 100 000 600 000 400 000 Noncurrent liabilities Long-term borrowings Current liabilities Trade payables Short-term borrowing 700 000 500 000 600 000 700 000 100 000 200 000 Accruals 1 400 000 1 400 00 3 200 000 2 900 000 Total equity and liabilities Required: Calculate the following ratios for 2020: (4) 2.1 Current ratio (4) 2.2 Quick ratio/acid ratio (4) 2.3 Debtors turnover (4) 2.4 Debtors collection (4) 2.5 Stock turnover