QUESTION 20 MARKS The following trial balance was extracted from the book of ARC Investment on 31 May 2021 Trial Balance as at 31 May 2021 DR Capital Motor expenses Returns Outward Carriage Outwards CR 1000 15 200 1 350 Inventory 01.04.2020 v sou Detail 1 200 25 SOD 189 650 56400 84 170 34 820 265 700 Purchases Debtors Bank Drawings Sales Returns Inwards Creditors Carriage Inwards Motor Vehicles Provision for doubtful debts Provision for depreciation 760 44 440 550 120 500 880 47 340 TOTAL 444 880 444 880 Income Statement 16 MARKS Inventory as at 31 May 2021 was valued NS 12 900 Required: Prepare statement of comprehensive income and statement of financial position for the year ended 31 May 2021 Balance sheet QUESTION 2 USE YOUR ANSWERS IN QUESTION 1 TO ANSWER THE FOLLOWING QUESTIONS: Required: Calculate the following ratios a) Gross profit ratio b) Net profit ratio c) Current Ratio d) Quick ratio (Acid test ratio) e) Inventory turnover 1) Debtors Turnover and translate into number of days g) Creditors Turnover and translate into number of days Dan of a