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 %