You are the audit senior of MMS Associates, currently planning the audit of Smoothbrush Paints (SMB) for the year ended 30 June 2019. SMB manufactures and sells paints and paint related products and has done so for over 25 years in Victoria. The paint industry is extremely competitive due to imported paint products from Asia.

Your audit manager has met with the Financial Controller of SMB and provided the following notes:

-SMB's financial results are disappointing in 2019. Strategies have recently been put in place to improve future results.

-SMB introduced a generous sales related bonus to the marketing staff to improve sales.

-The company has undertaken a huge marketing campaign to attract new customers.

-SMB has extended the credit period to retain existing credit customers.

You have conducted the preliminary analytical review and calculated following ratios: (Refer to table attached)

You have conducted the preliminary analytical review and calculated following ratios. 2mm 201mm \" mm me 1mm:- mm Mammal