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Question 2 (50 marks) Answer the following questions. M. K. Berry is the managing director of CE Ltd. a small, family-owned company which manufactures cutlery. His company belongs to a trade association which publishes a monthly magazine. The latest issue of the magazine contains a very brief article based on the analysis of the accounting statements published by the 40 companies which manufacture this type of product. The article contains the following table: Average for all companies in the industry Return on stockholders' equity 33% Return on total assets 29% Gross margin percentage 30% Current ratio 1.9 Average sale period 37 days Average collection period 41 days CE Ltd's latest financial statements are as follows: CE Ltd. Income Statement for the year ended 31 October (in thousands) Sales Cost of goods sold Gross margin Selling and administrative expenses Interest Net income 900 720 180 55 15 110 The country in which the company operates has no corporate income tax. No dividends were paid during the year. All sales are on account. CE Ltd. Balance Sheets as of 31 October (in thousands) Current assets: Cash Accounts receivable Inventories Noncurrent assets Total Assets This Year 5 120 96 500 721 Last Year 20 110 80 460 670 147 206 Current liabilities: Accounts payable Noncurrent liabilities: Bonds payable 150 150 Common stock Retained earnings Total liabilities and stockholders' equity 100 324 721 100 214 670 1. Calculate each of the ratios listed below for this year and last year for CE. Interpret the results by comparison between this year and last year. (30 marks) a) Current ratio b) Inventories Turnover Ratio c) Average collection period d) Total Assets turnover e) Return on stockholders' equity f) Return on total assets 2. Comment briefly on CE Ltd's performance in comparison for This Year to the industrial averages of the following. (12 marks) a) Current ratio b) Average collection period c) Return on stockholders' equity d) Return on total assets 3. In your opinion, what are the areas that the company need to address as to maintain or improve the financial position of the company for the future planning. (8 marks)