RM Question Provided below is the financial statements of Bunan Enterprise for the year ended 31 December 2010 in order to perform ratio analysis Bunga Enterprise Statement of Profit or loss for the year ended 31 December 2013 RM RM Sales 310,000 - Return inwards 308,900 Luss: Cost of Goods Sold Opening inventory 56.400 Purchases 280,300 - Return outwards 249,500 (+) Caninge inwards 1.920 251 420 307 820 - Closing inventory 8.500 239 320 Gross Profit G9,500 1.100 WOO 1,400 Ravenues Expenses Administrative expenses Selling and distribution expenses Finance charges Net Profit 15.000 6.100 4.300 26,700 44 280 Bunga Enterprise Statement of Financial Position as at 31 December 2010 RM RM Non-Current Assets Cost Accumulated depreciation Building 130,000 Fumure and fittings 66.000 20,400 Motor vehicles 121,000 72,000 Investment Current Assets Bank 20,000 Cash 7,500 Inventory 35,000 Accounts receivable 39.430 Prepaid insurance 2.500 RM Netbook Value 130.000 39.000 48,000 60.000 277,600 110.430 380.030 210,000 44,280 254,200 3.100 251,180 Owner's equity Capital (+) Net profit - Drawings Non-Current Liabilities Bank loan Current Liabilities Accounts payable Accued interest on loan Accrued telephone 100,000 31,400 5,000 450 30.350 308.030 Required: Calculate the following ratios and explain each of the stated ratios: Gross profitto Net profitatio Current ratio Quick ratio Accounts receivable colection period Inventory turnover ratio W. VI (20 marks)