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He also supplied the following additional financial statement analysis data:  The current ratio was 1.60.  The debt ratio was 60%.  The average collection period was 40 days  The gross profit margin was 25%.  Inventory turnover was 6.0.  There are 365 days in the year.  Sales totalled R1 800 000  The total asset turnover was 1.20. YOU ARE REQUIRED TO: Assist your varsity friend by completing his business statement of financial position at 31 December 2020 by using the information supplied to you. Show all your calculation clearly for each figure missing (I-IX). NB: You can start with any figure

He also supplied the following additional financial statement analysis data:  The current ratio was 1.60.  The debt ratio was 60%.  The average collection period was 40 days  The gross profit margin was 25%.  Inventory turnover was 6.0.  There are 365 days in the year.  Sales totalled R1 800 000  The total asset turnover was 1.20. YOU ARE REQUIRED TO: Assist your varsity friend by completing his business statement of financial position at 31 December 2020 by using the information supplied to you. Show all your calculation clearly for each figure missing (I-IX). NB: You can start with any figure

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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He also supplied the following additional financial statement analysis data:  The current ratio was 1.60.  The debt ratio was 60%.  The average collection period was 40 days  The gross profit margin was 25%.  Inventory turnover was 6.0.  There are 365 days in the year.  Sales totalled R1 800 000  The total asset turnover was 1.20. YOU ARE REQUIRED TO: Assist your varsity friend by completing his business statement of financial position at 31 December 2020 by using the information supplied to you. Show all your calculation clearly for each figure missing (I-IX). NB: You can start with any figure
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