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The balance sheet and other information in the question relate to Colorado Led and Columbia Led. Balance sheets as at 30 June 2017 Colorado Ltd Columbia Ltd Current assets Cash assets $22,700 $18,000 Receivables (net trade) 108,000 80,075 Inventories 91,210 64,460 Other 2,320 3,450 Total current assets 224,230 165,985 Non-current assets Property, plant and equipment 372,700 313,900 Total non-current assets 372,700 313,900 Total assets $596,930 $479,885 Current liabilities Payables 90,100 57,500 Total current liabilities 90,100 57,500 Non-current liabilities Interest-bearing liabilities 135,600 112,700 Total non-current liabilities 135,600 112,700 Total liabilities 225,700 180,200 Equity Contributed equity 224,730 224,885 Retained earnings 146,500 74,800 Total equity 371,230 299,685 Total liabilities and equity $596,930 $479,885 Additional information: 1. The income statements for the two companies for the year ended 30 June reveal the following: Colorado Ltd Columbia Ltd Income (sales revenue) $855,900 $648,200 Cost of sales 572,400 431,000 Profit 53,300 38,800 2. The totals of certain items as at 1 July 2016 were: Colorado Ltd Columbia Ltd Inventories $84,900 $57,500 Total assets 574,900 465,800 Retained earnings 132,300 60,700 Trade accounts receivable (net) 99,500 74,350 Calculate the following ratios for both entities. (Round times answers to 2 decimal places, e.g. 1.75 and days answers to 0 decimal places, e.g. 50. Days should be rounded up e.g. 7.07 days becomes 8 days. Assume all sales are credit sales.) Colorado Ltd Columbia Ltd Current ratio times times ii. Quick ratio times times ifi. Inventory turnover days days iv. Average collection period for receivables days days Note: The gross accounts receivable should be used for this calculation but only net receivables is available in the question. In this case use net receivables in calculating average accounts receivable (i.e. average trade debtors)