Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please could somebody be so kind as to assist me with the workings required in order to answer this problem? Many thanks in advance. The

image text in transcribed

Please could somebody be so kind as to assist me with the workings required in order to answer this problem? Many thanks in advance.

The following 6 questions apply to the table and the addition information below. R20 000 R2 000 Balance sheet for Lambda Industries Ltd (LIL) as at 31 December 2017 Cash R6 500 Accounts payable Account receivable Notes payable Inventory Accruals Total current assets Total current liabilities Net fixed assets Long-term debt Total assets Shareholders' equity Total equity and liabilities The following additional information applies to Lambda Industries Ltd. (LIL) nin 1. Sales totaled R220 000 The gross profit margin was 30% The inventory turnover was 4.0 There are 360 days in the financial year of this company The average collection period was 65 days The current ratio was 2.0 7. The total asset turnover was 2.13 times 8. The debt ratio was 43.8%. 18. The average inventory for LIL in 2017 was ... ON R27 500. R32 448. R36 667. R38 500

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Surviving An IRS Tax Audit

Authors: Frederick W. Daily

3rd Edition

1413318649, 978-1413318647

More Books

Students also viewed these Accounting questions