and put options. (5 marks) QUESTION THREE (a) The following information relates to Supa supermarkets Ltd for the year ended 31 December, 2016 n.B Inventory Accounts receivable Accounts payable Shs million Beginning of year 2,000 600 500 End of year 2,300 800 300 Sales in the year were sh. 11.5 billion, of which 60% were on credit. Cost of goods sold to sales was 85:100. Cash purchases were 30% of credit purchases. Required 35% (0 The cash cycle for Supa during the year 2016, (11 marks) 0 The steps that Supa can take in order to reduce the operating cycle. (5 marks) (6) Briefly discuss the following types of private equity transactions: management buy- out (MBO), management buy-in (MBI), and institutional buy-out (IBO). (9 marks) QUESTION FOUR