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QUESTION THREE Bolstic company Itd is a medium-sized manufacturing company that plans to expand its production capacity. The following are the most recent financial statements of the company 2018 2017 GHS'm GHS'm Sales 5,000 5.000 Cost of Sales (3.100) (3.000) Gross Profit 1,900 2,000 Administration and Distribution expenses (400) (250) Profit before interest and tax 1,500 1.750 Interest (400) (380) Profit before Tax 1,100 1,370 Tax (330) (400) Profit after Tax 770 970 Dividend (390) (390) Profit after taxation transferred to income surplus account 380 580 Statement of financial Position 2018 2017 GHS'm GHS'm GHS'm GHS'm Non-current assets 6,500 6.400 Current Assets Inventory 1,170 1.000 Debtors 850 900 Cash 130 100 2,150 2,000 Current Liabilities (1.150) 1.000 (1,280) 720 7,500 7,120 10% Debentures (3.500) (3.500) 4,000 3.620 Financed By: Capital And Surplus 4.000 3.620 Additional Information; Average data for the business sector in which Bolstic Ltd Operates is as follows: Gearing (book Value of Debt/book value of equity 60% Interest Cover 4 Times Current Ratio 2:1 Inventory Days Return before interest and Tax/Capital Employed 25% Required: Analyse and Comment on the performance of the company based on the above sector average data (25 Marks) 90 Days Examiner: Richard Doe-Dartey Page 4