Assessment Task 6 Given below are the budgeted and actual financial statements for Diver Pty Ltd. You have also been provided with the following information: 30 June 20X2 Industry Average Current Ratio 2.25 2.1 Liquid Ratio 2.00 1.5 Inventory Turnover Rate 51 Times 6 Times Accounts Receivable Collection Period 78 Days 53 Days Gross Profit Ratio 52% 55% Net Profit Ratio 9% 8% Return on Equity 22.5% 20% Opening balance Equity (01/07/20X2) 42, 000 Opening balance Inventory (01/07/20X2) 8, 500 You are required to: 

a) Calculate the following using the actual results for the year ended 30 June 20X3  Current Ratio  Liquid Ratio  Inventory Turnover rate  Accounts receivable collection period  Gross Profit ratio  Net Profit ratio  Return on equity.

b) Prepare a brief report commenting on the results you have calculated in Part a).