QUESTION 3: [18 Marks] The current year's financial performance was discussed on the recent board meeting. The board has agreed on the following targets for the financial year ended Feb 2022. Target Current year's sales R13,567,850 12% increase on sales Gross profit 45% mark-up on cost 22% Expenses as % of sales Current asset ratio 2.5 1.0 Fixed asset turnover 3.0 Credit purchases as % of COS 75% Creditors days outstanding 45 Days 1:2 Long term debt to equity Interest on long term debt Tax rate 5% 28% Required: You are required to draft the following: 1. Statement of Financial Position for the year ended Feb 2022 2. The Statement of Comprehensive Income for the year ended February 2022. MBL5928 OCTOBER/NOVEMBER 2021 (12) (6)