Use the following financial statements in answering questions 8, 9 and 10: Quart Limited Income Statements for the year ended 31 March 2016 Revenue Cost of sales 000 638 (331) 307 (36) (99) Gross profit Distribution costs Administrative expenses Profit before taxation Taxation 172 (21) Profit for the year 151 000 Statement of financial position as at 31 March 2016 Quart Ltd 000 000 Non-current assets (NBV): Property, plant and equipment Current assets: Inventory 60 Trade receivables Cash and cash equivalents 198 35 2 97 Total assets 295 Equity and liabilities: Share capital Retained earnings 50 161 211 Non-current liabilities: Borrowings Current liabilities: Trade payables Current tax payable Bank overdraft 74 10 84 84 Total equity and liabilities 295 8. Based on the above financial statements for Quart Ltd, what is the gross profit margin for the year ended 31 March 2016? (a) 19.52% (b) 26.96% (c) 48.12% (d) None of the above. 4 Marks 9. Based on the above financial statements for Quart Ltd, what is the quick ratio for the year ended 31 March 2016? (a) 0.80:1 (b) 0.67:1 (c) 1.15:1 (d) 0.44:1 4 Marks 10. Based on the above financial statements for Quart Ltd, what is the trade receivables turnover at 31 March 2016 (to the nearest whole days)? (a) 29 days (b) 20 days (c) 36 days (d) 24 days 4 Marks