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QUESTION 2 Complete the 2017 Statement of Financial Position (Balance Sheet) for Southernland Industries using the information that follows : Statement of Financial Position (Balance

QUESTION 2
Complete the 2017 Statement of Financial Position (Balance Sheet) for Southernland Industries
using the information that follows :
Statement of Financial Position (Balance Sheet)
Sutherland Industries December 31,2017
Cash R 60 000.00 Account payable R 240 000.00
Marketable securities R 50 000.00 Notes payable
Account receivable Accruals R 40 000.00
Inventories Total Current liabilities
Total Current assets Long-term debt
Net Fixed assets Stockholders' equity R 1 200 000.00
Total assets Total liabilities & owners' equity
The following financial data for the end 2017 is also available :
1. Sales totalled R 3 600 000
2. The gross profit margin was 25%
3. Inventory turnover was 6.0.
4. There are 360 days in a year
5. The average collection period is 40 days
6. The current ratio was 1 : 60
7. The total asset turnover ratio was 1 : 20
8. The debt ratio was 60 %

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