QUESTION 1 a. The statement of financial position and statement of profit and loss of Golden Venture Berhad for 2020 are given below: Golden Venture Bhd Statement of Financial Position as at 30 June 2020 RM Assets: Cash 30,000 Marketable securities 50,000 Accounts receivable 350,000 Inventory 370,000 Total Current Assets 800,000 Net plant and equipment 800,000 Net assets 1.600.000 Liabilities and Stockholders' Equity Accounts payable 50,000 Accruals 250,000 Total current liabilities 300,000 Long-term liabilities 300,000 Total liabilities 600,000 Common Stock(RM1 per share) 400,000 600.000 Retained earnings Total liabilities and stockholders' equity 1.600.000 Golden Venture Bhd Statement of Profit or Loss and Other Comprehensive Income for the year ended 30 June 2020 RM Sales(all on credit) Costs of goods sold Gross profit Selling and administrative expenses Operating profit Interest expense Extraordinary loss Net income before taxes Taxes (33%) 4,000,000 (3,000,000) 1,000,000 (450,000) 550,000 (50,000) (200,000) 300,000 (100,000) Net Income 200,000 Additional information: Industry Averages Debt ratio Quick ratio Return on assets Return on equity Net profit margin Total assets turnover Inventory turnover ratio Average collection period Times interest earned Earnings per share 33% 1.0 times 10% 15% 6.7% 1.5 x 7.0 x 36 days 7 times RMO.30 Required: a. Calculate the following: i. Debt ratio ii. Quick ratio ii. iv. V. vi. Return on equity Net profit margin Total assets turnover Average collection period b. Comment on the firm's liquidity asset management, leverage position and profitability. (6 marks) C. Give TWO (2) suggestions on how to improve debtors collection period. (2 marks)