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aditional information about que 2

Question 3 Below is a list of some of the account totals from the trial balance at the end of 2020 for the business in Question 2. Account Totals Credit Sales 180,000 Cash Sales 30,000 Cost of Goods Sold 96,000 Inventory Purchases 90,000 New Equipment Purchases 2,000 Lease Expenses 7,000 Utilities Expenses 4,000 Depreciation Expense 3,000 Interest on Bank Loan 4,000 Drawings 10,000 a) Using the information from Question 2 & 3, explain why the total Inventory on hand at the end of 2020 should be $18,000. (2 marks) Answer: b) Calculate the Inventory Turnover ratio for 2020. (2 marks) Answer: c) Hence or otherwise, calculate the inventory Days for 2020. (2 marks) Answer: d) Comment on your calculated answers for the Current & Quick ratios in Question 2 and the Inventory Days In Question 3 parte) (4 marks) Answer: English (United States ere to search O Question 3 Below is a list of some of the account totals from the trial balance at the end of 2020 for the business in Question 2. Account Totals Credit Sales Cash Sales Cost of Goods Sold Inventory Purchases New Equipment Purchases Lease Expenses Utilities Expenses Depreciation Expense Interest on Bank Loan Drawings 180,000 30,000 96,000 90,000 2,000 7,000 4,000 3,000 4,000 10,000 a) Using the information from Question 2 & 3, explain why the total inventory on hand at the end of 2020 should be $18,000. (2 marks) Answer: b) Calculate the Inventory Turnover ratio for 2020. (2 marks) Answer: Hence or otherwise, calculate the Inventory Days for 2020. (2 marks) Type here to search lenovo Question 2 Below is a statement of Financial Position for a small business as at the end of 2019 with the total liability and total equity figures removed. ($'000) (SP000) Current Assets Cash Inventory Prepayments Current Liabilities Suppliers Accounts Payable 13 6 24 7 Non-Current Liabilities Fixed Interest Bank Loan 40 Non-Current Assets Property, Plant & Equipment Accumulated Depreciation 40 (5) Equity Contributed Capital Retained Earnings 5 ? Total Assets 72 a) Calculate the Retained Earnings. [2 marks) Answer: retained earnings = total assets-total liabilities-contributed capital=72-(13+40)- 5$$14 b) Calculate the Current ratio. (2 marks) o 74 F F7 FB Hor FO FIO dou E12 711 $ % 4 5 & 7 6 oc