You are required to use the following infomation relating to Gone Limited, and answer the questions below: Gone Limited Income Statement for the year to 31 March 2017 (8) Sales 160,000 Cost of goods sold (96.000) Gross profit 64,000 Operating expenses (35,000) Net profit before tax 29.000 201878) 200,000 (114.000) 86,000 (39,000) 47.000 Gone Limited Statement of Financial Position As At 31 March Assets 2017 2018 $ $ $ Non Current Assets (at Net Book Value) 300,000 320,000 Current Assets Inventory Trade Receivables Cash at Bank Cash in Hand Total assets 18,000 30,000 7,000 3,000 20,000 40,000 9,000 2,000 58,000 358,000 71,000 391,000 346.000 Equity Ordinary Share Capital 200,000 200,000 Retained earnings 123.000 323.000 146.000 Current Liabilities Trade Payables 25,000 35,000 Accrued salaries payable 10.000 35,000 10,000 Total Equity and Liabilities 358,000 (a) Calculate the following ratios for each of the 2 years: 1. Current Ratio ii. Acid-Test Ratio . Gross Profit Ratio iv. Net Profit Ratio 45,000 391.000 14 marks] [4 marks] [4 marks [4 marks] (6) From the results of the ratios computed, what advice would you give to the management regarding the state of the business? (4 marks] (Total: 20 marks]