QUESTION 4 REQUIRED: Prepare the Statement of Financial Position of Acetex Limited for the year ending 31 December 2020 using the percentage of sales method. INFORMATION: Acetex Limited Statement of Financial Position for the year ended 31 December 2019 R ASSETS Non-current assets Equipment 222 000 222 000 Current assets Inventories Accounts receivable Cash and cash equivalents Total assets 220 000 70 000 90 000 60 000 442 000 EQUITY AND LIABILITIES Equity Ordinary share capital Retained earnings 330 000 120 000 210 000 Current liabilities Accounts payable 112 000 112 000 Total equity and liabilities 442 000 O Additional information Sales for 2019 were R500 000 and are forecasted to be R700 000 in 2020 The percentage of sales is used to determine the following balances: Inventories o Accounts receivable o Cash and cash equivalents o Accounts payable Profit after tax for 2020 is expected to be R30 000 A dividend of R8 000 is expected to be paid out by 31 December 2020. Any shortfall will be funded by short term external funding Equipment of R20 000 will be purchased in 2020. Depreciation for 2020 is expected to be R24 000 Ordinary share capital will remain unchanged