GHS000 320 Gross profit COVAS Statement of comprehensive income for the year coded J1 May 20XS Revenue Cost of sales (200) 120 Distribution & administrative expenses (70) Profit Before Interest and Tax 50 Finance cost (10) Profit before tax 40 120 Net profit for the period 20 Tex expense GHS000 300 COVAS Statement of financial position as at 31 May 20X5 GHS 000 sel Non-current assets Current assets Inventory 30 Trade receivables 50 Cash and bank 10 Total assets Equity and liabilities Stated capital 90 390 200 200 100 Nowcwren liabilities 1096 loan notes Current liabilities Trade payables Taxation 70 20 Total cquity and liabilities 90 390 Required: 2. Calculate the following ratios for COVAS for the year ended 31 May 20X5. State clearly the formulae used for each ratio, i il Return on capital employed Net profit percentage QuickJacid test ratio Receivables collection period (assume 365 days in a year) iv. el vi. Trade Payable collection period (assume 365 days in a year) Interest cover Debt to equity ratio vii. b. Is the firm highly geared or lowered geared? [2 marks each) [1 mark] Total marks 15)