Question 11 Below is a summarised financial statements for Bright Limited for the Y/E 31/12/16 Bright Limited Statement of Comprehensive Income 2016 2015 GHC GHC Sales 60,000 50,000 7 42,000 34,000 Cost of sales Gross profit Operating expenses 18,000 16,000 15,500 13,000 2,500 3,000 2,200 1,300 Interest expenses Profit before tax 300 1,700 Tax 250 600 Operating (loss)/profit after tax 50 1,100 Statement of Financial Position as at 31st December: 2016 Noncurrent assets 12,500 2015 Current liabilities Inventory 14,000 28,500 Receivables 16,000 13,000 Bank and cash 500 30,500 15,000 11,000 Total assets 43,000 500 Equity & liabilities 39,500 Equity 13,950 Stated capital 1,300 14,600 Revaluation reserve 2,000 1,300 Income surplus 10,650 2,000 Noncurrent liabilities 11,300 10% Debenture 6,000 Current liabilities 5,500 Trade payable 23,050 Total equity liabilities 43,000 19,400 You are required to calculate the following ratios for the years ended 31 December, 2015 and 2016. (a) Current ratio (b) Quick ratio (c) Net profit percentage (d) ROCE 2015