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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 | |||||
Inventories | Total Current liabilities | |||||
Total Current assets | Long-term debt | |||||
Net Fixed assets | Stockholders' equity | |||||
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 % | ||||||
*** Please show all workings |
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