Instructions: All answers must be typed in and all workings must be shown.

QUESTION FOUR The assets and liabilities of Khans General Stores were as follows as at 31 December 2020: 2020 Land and Buildings 50 000 Payables 6 000 Equipment 15 000 Machinery 12 000 Bank overdraft 4 520 Long term loan 60 000 Receivables Inventories Long term Investments Petty cash 3 000 5 500 15 000 150 Required: 4.1. Calculate the following: Total current assets Total current liabilities Total noncurrent assets Total noncurrent liabilities Current ratio Acid test ratio 4.2. Comment on the liquidity of the company