Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Fill the blanks Extract from Income Statement for the year ended 30 June 2020: R Sales 5220 000 Cost of sales 3 600 000 Operating

image text in transcribed

Fill the blanks

Extract from Income Statement for the year ended 30 June 2020: R Sales 5220 000 Cost of sales 3 600 000 Operating profit 1 295 000 Income tax 190 500 Net profit after tax 444 500 Extract from Balance Sheet on 30 June : 2020 2019 R R Fixed assets (carrying value) 17 420 950 14 683 300 Fixed deposit: Ken Bank 250 000 380 000 Current assets 1015000 456 000 564 000 281 500 Inventories (only trading stock) Trade and other receivables (debtors) 246 000 167 000 Cash and cash equivalents 205 000 7 500 Shareholders/ equity 10 050 750 9540 000 Ordinary capital 10 000 000 9 180 000 Retained income 50 750 360 000 Loan: Barbie Bank 8 000 000 4 500 000 Current liabilities 635 200 1479 300 Trade and other payables 420 000 683 400 Shareholders for dividends 209 000 162 000 SARS: Income tax 6 200 23 400 Bank overdraft 610 500 Use the above information and calculate the following financial indicators were on 30 June: (Rounded off to 1 decimal) 2020 2019 Current ratio (A) (B) Acid-test ratio (C) (D) (E) 10 times Inventory turnover rate (times) Debtors' collection period (days) Creditors payment period (days) (F) 43 days (G) 63 days

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advances In Accounting Volume 23

Authors: Philip M J Reckers

1st Edition

0762314257, 9780762314256

More Books

Students also viewed these Accounting questions