I need to calculate the business cycle of Patrol Limited for year 2021 in days and comment on the performance of each subsection of the calculation included in line with the additional information. (I need to use closing balances and round off to 2 decimal places.)

(15 marks)

Relevant information:

Statement of comprehensive income for the year ending 28 February 2021 2021 2020 Rand Rand Notes Turnover 1 8 500 000 7 850 000 Cost of sales (3 850 000) {3 600 000) Opening inventory 850 000 1 200 000 Purchases 2 4 200 000 3 250 000 Closing inventory 1 200 000 Gross prot 4 650 000 4 250 000 Operating expenses 3 (3 220 000) (2 180 000) Operating prot 1 430 000 2 070 000 Dividends received 500 000 420 000 Finance charges on long term loan (net) (118 000) (98 000) Impairment loss on goodwill (100 000) - Prot before taxation 1 712 000 2 392 000 Taxation (372 960) (552 160) Prot for the year 1 339 040 1 839 840 Attributable to Ordinary shareholders 1100 500 1550 000 Non-controlling interest in subsidiaries 238 540 289 840 1 339 040 1 839 840 Statement of financial position on 28 February 2021 Notes 2021 2020 Rand Rand Assets Non-current assets 3 120 500 3 480 500 Property, plant and equipment 1 250 000 1 550 000 Goodwill 450 000 550 000 Investments in associates 850 500 850 500 Long-term financial assets 570 000 530 000 Current assets 2 698 000 2 150 000 Inventory 1 200 000 850 000 Trade receivables 1 048 000 980 000 Cash balances 450 000 320 000 Total assets 5 818 500 5 630 500 Equity and liabilities Equity 2 525 000 2 325 000 Ordinary share capital (800 000 ordinary shares) 1 600 000 1 600 000 Non-controlling interests 250 000 250 000 Accumulated reserves 175 000 125 000 Retained income 500 000 350 000 Non-current liabilities 2 442 000 2 558 000 Long-term loan 950 000 1 200 000 Debentures 12 000 8 000 Preference shares (250 000 shares) 1 000 000 1 000 000 Deferred taxation 480 000 350 000 Current liabilities 851 500 747 500 Trade payables 350 000 425 000 Short-term debt 501 500 322 500 Total equity and liabilities 5 818 500 5 630 500