Use the following information in order to answer questions 8, 9 and 10. Zip Limited Income Statements for the year ended 31 March 2016 000 638 (331) Revenue Cost of sales Gross profit Distribution costs Administrative expenses Profit before taxation Taxation Profit for the year 307 (36) (99) 172 (21) 151 Statement of financial position as at 31 March 2016 000 000 E000 198 Non-current assets (NBV): Property, plant and equipment Current assets: Inventory Trade receivables Cash and cash equivalents 60 35 2 97 Total assets 295 Equity and liabilities: Equity :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 Zip Ltd, what is the gross profit margin for the year ended 31 March 2016? (6) 19.52% (b) 26.96% (c) 48.12% (d) None of the above. 3 Marks 9. Based on the above financial statements for Zip Ltd, what is the current ratio for the year ended 31 March 2016? (a) 0.80 : 1 (b) 0.67:1 (c) 1.15:1 (d) 0.44:1 3 Marks 10. Based on the above financial statements for Zip Ltd, what is the trade payables turnover at 31 March 2016 (to the nearest whole days)? (a) 29 days (b) 20 days (c) 82 days (d) 76 days 3 Marks (Total 30 Marks)