CASE STUDY INFORMATION: The following information has been extracted from the accounting records of Lubners Limited on 31 December 2020. 2020 2019 Cr 1 728 000 Dr Cr Dr Ordinary share capital 1 728 000 Non-current assets 3 462 964 2910206 inventories 665 856 584 640 Accounts payable 311 328 290 304 Accounts receivable 832 608 800 064 cash 338 688 362 304 Retained earnings ( 1 Jan) Long term Loan 244 276 932 256 1 090 944 Other Current liabilities 1 057 824 809 568 Total Sales (80% credit sales) Cost of sales (80% credit purchases) 4 816 512 4 535 424 2 530 656 2 340 288 Interest income 7776 9 504 taxation 207 009 192 159 1 141 344 1 069 056 Selling and admin expenses Interest expenses Other expenses 149 161 174 551 263 808 274 752 REQUIRED: QUESTION 1 Compile the Statement of Comprehensive Income for the year ended 31 December 2020. (with 2019 comparative figures) QUESTION 2 Compile the Statement of Financial Position as at 31 December 2020. (with 2019 comparative figures) QUESTION 3 Evaluate the performance of the company by calculating and commenting on the following ratios: Gross margin Profit margin Return on assets Return on equity Current ratio Acid test ratio

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Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.