QUESTION As at As at 30/9/16 30/9/15 $ $ 8,200 9,400 107,000 103,500 82,700 71,300 242,600 245,700 440,500 429,900 117,000 120,000 152,000 150,000 269,000 270,000 171,500 159,900 440,500 429,900 Balance Sheet as at Assets Current assets- Cash Accounts Receivable Inventory Non-current assets less accumulated depreciation Total assets Liabilities and Owners' equity Current liabilities Loan (repayable in 2019) Total liabilities Owners' equity Total Liabilities and Owners' equity Summarised Income Statement of Bishan Enterprise for the year ended 30 September$ 2016 Sales 990,000 Cost of goods sold 580,000 Gross profit 410,000 Operating expenses 350,000 Net profit 60,000 Note - The owner withdrew $48,400 during 2016. Required: Calculate the following ratios for the year ending 30 September 2016. i) Gross profit margin ratio (%) ii) Operating expense to sales ratio (%) iii) Current ratio (times) iv) Average collection period (days) v) Average Inventory turnover (times) (2 marks) (2 marks) (2 marks) (2 marks) (2 marks)