how to answer???

ACCUMMI COURSEWORK 1 ISSUED 11 OCTOBER 2021 FOR SUBMISSION BY 12 NOON ON 22 OCTOBER 2021 ANSWER ALL THE QUESTIONS USE YOUR STUDENT NUMBER ONLY - DO NOT WRITE YOUR NAME ON ANY ANSWER SHEET. SHOW ALL WORKINGS WHERE NECESSARY Question 1 Eve Emerson commenced trading as a retailer of hill walking kit on 1 April 2020. Eve's business has traded profitably, and she has given you the following details of her business activities for the 12 months ended 31 March 2021. Sales Inventory at 31 March 2021 Distribution costs Purchases Trade payables Accruals Receivables Cash at bank Administrative expenses Insurance 143,000 42,000 16,000 97,000 2,200 3,000 2,870 419 1,400 900 Notes 1) Inventory at 1 April 2020 was 23,230. 2) Non-current assets (at cost on 1 April 2020) were 120,000. 3) Non-current assets at cost comprised buildings (80,000), fixtures and fittings (20,000) and a car (20,000). Annual depreciation is to be provided at 10% on a straight line basis on fixtures and fittings, and at 25% on a reducing balance basis on cars. 4) Insurance was paid for a 12 month period commencing 1 October 2020. 5) Eve withdrew 200 from the business each month for her own purposes. Eve lives alone and has no other source of income. Required Prepare the Statement of Profit and Loss and the Statement of Financial Position for the year ended 31 March 2021. You will have to use balancing figures where necessary. Calculate the Gross Profit Margin and the Quick Ratio, and briefly assess the performance of Eve's business in its first year. (18 marks)