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Please help me with this question E12.10 Sonic Ltd has the following comparative data. SONIC LTD Statement of financial position 30 June 2016 2016 2015
Please help me with this question
E12.10 Sonic Ltd has the following comparative data. SONIC LTD Statement of financial position 30 June 2016 2016 2015 $30 000 60 000 50 000 180 000 $320 000 $60 000 100 000 120 000 40 000 $320 000 Cash $20 000 65 000 60 000 200 00O 345 000 $50 000 100 000 140 000 55 000 $345 000 Receivables (net) Property, plant and equipment (net) Accounts payable Loan payable (15%) Share capital, $10 each Retained earnings Additional information for 2016: 1. Profit was $20 000 2. Sales on account were $38o ooo. Sales returns and allowances amounted to $30 ooo 3. Cost of sales was $200 ooo 4. Net cash provided by operating activities was $50 ooo 5. The loan payable Is a non-current llabllity In both years. Required Calculate the following at 30 June 2016: a. Current ratio. b. Quick ratio. C. Recelvables turnover d. Average collection perlod. e. Inventory turnover f. Average days In InventoryStep by Step Solution
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