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This question consists of two independent parts, Part A and Part B PART A (15 marks) The following selected information from the statement of financial position and statement of profit or loss and other comprehensive income for Luhabe Limited for the year ending 30 September 2017 is avallable Additional information: 1 The opening balances for inventones and trade and other receivables are R50 000 and R100 000 respectively 2 There are 365 days per annum 3 Value added tax (VAT) is calculated at a rate of 14% 4 The current company tax rate is 28% 5 The fixed deposit will only be available on 30 June 2019 Calculate the following ratios for 2017 (i) Show the formula and detailed calculations (ii) Briefly expiain what the rato means/indicates and (iii) compare it to the industry ratios provided in brackets below and comment thereon a) Acid test ratio (1,51) (5) b) Debtors collection period (based on closing debtors) (15 days) (5) c) Inventory turnover (based on average inventory) (1,5 tumes) (5) (15) PART B (5 marks) When considering short-term financing, certain inherent advantages and disadvantages have to be considered REQUIRED Name and discuss three advantages and two disadvantages of short-term financing (Write your answers under the headings Advantages and Disadvantages) (5) [20]