The following figures relate to a hospitality business. 35% of all sales and 80% of all purchases are on credit. Using accepted ratios and percentages comment on the gross and net profits, the current ratio and the acid test, debtors and creditors payment periods, stock turnover, and return on capital employed. Trading and profit and loss account for year ending December 31st 2014 000's 2014 60,000 24,000 36,000 15.000 21,000 9.750 11,250 Sales Cost of sales Gross profit Wages Net margin Other expenses Net profit 000's 2015 62,000 28.000 34,000 14,500 19,500 8.000 11,500 Balance sheet as at December 31st 2015 45,000 5.000 50,000 Freehold property equipment 50,000 5.500 55,500 Current Assets 1,500 stock 1,700 900 debtors 1,200 975 bank 1,200 3375 4,100 less Current Liabilities 2,825 creditors 2,500 550 accruals 600 3,375 3,100 1,000 56.500 0 50.000 Financed by Capital net profit 42.250 11.250 53,500 4.000 49,500 49,500 11.500 61,000 4.500 56,500 drawings