The following financial information relates to Tasty Desserts Bakery at the end of their financial year: Extract from the general ledger: Additional information: 1. No capital contributions were made during the year. 2. Assume a 365 -day year. 64% of all sales are on credit. 3. Purchases constitute 60% of cost of sales. 4. 48% of all purchases are on credit. 5. Net trade debtors balance on 1 December 2015 was R 25 120.22. 6. Net trade creditors balance on 1 December 2015 was R 19 527.25. 7. Trade inventory on hand as at 1 December 2015 was R 49 102.60. Statement of Financial Position of Tasty Desserts bakery on 30 November 2016 Comparative figures: REQUIRED: Calculate the following ratios for the year ended 30 November 2016 and comment on the business's profitability and liquidity. Refer in particular to the past figures shown above. Note that one point will be allocated for every formula quoted. 1.1 Return on average owner's equity 1.2 Current ratio 1.3 Average trade debtor's collection period