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Question 13 The extract disclosed below relates to JohNicho Limited for the year ended December 31, 2021 JohNicho Limited Statement of Comprehensive Income for the year ended 31st December: Net Sales Cost of goods sold SG&A Other costs Operating Income (EBIT) Interest Extraordinary EBT Taxes Net Income income Non-current assets Property, Plant & Equipment Motor vehicles Furniture Total non-current assets Current assets Trade Receivables Other Current Assets Inventories Total Current Assets Total assets Current liabilities Accounts payable JohLex Limited Statement of Financial Position as at 31st December: 2020 GHC 22,304 47,316 32,265 101,885 Other current liabilities Total Current Liabilities Long-term Debt Debenture Total non-current liabilities 10 Shareholders' equity Total Liabilities and Equity GHC 6,386 18,472 6,759 8,461 25,265 19,811 20,753 Required to calculate: (a) Inventory turnover period (in days) (b) Receivable collection period (in days) (c) Payable collection period (in days) (d) Working capital cycle (in days) (e) Current Ratio 31,617 133,502 33,726 2020 GHC 80,510 (41,010) (24,760) 40,564 69,976 144,266 14,740 (609) 673 14,804 (3,019) 11,785 GHC 4,861 19,331 5,454 8,257 21,533 18,329 18,326 2021 GHC 76,279 (38,876) (23,585) (2,028) 11,790 (475) 531 11,846 (2,916) 8,930 2021 GHC 20,268 53,704 36,641 110,613 29,646 140,259 29,790 36,655 63,050 129,495

Question 13 The extract disclosed below relates to JohNicho Limited for the year ended December 31, 2021 JohNicho Limited Statement of Comprehensive Income for the year ended 31st December: Net Sales Cost of goods sold SG&A Other costs Operating Income (EBIT) Interest Extraordinary EBT Taxes Net Income income Non-current assets Property, Plant & Equipment Motor vehicles Furniture Total non-current assets Current assets Trade Receivables Other Current Assets Inventories Total Current Assets Total assets Current liabilities Accounts payable JohLex Limited Statement of Financial Position as at 31st December: 2020 GHC 22,304 47,316 32,265 101,885 Other current liabilities Total Current Liabilities Long-term Debt Debenture Total non-current liabilities 10 Shareholders' equity Total Liabilities and Equity GHC 6,386 18,472 6,759 8,461 25,265 19,811 20,753 Required to calculate: (a) Inventory turnover period (in days) (b) Receivable collection period (in days) (c) Payable collection period (in days) (d) Working capital cycle (in days) (e) Current Ratio 31,617 133,502 33,726 2020 GHC 80,510 (41,010) (24,760) 40,564 69,976 144,266 14,740 (609) 673 14,804 (3,019) 11,785 GHC 4,861 19,331 5,454 8,257 21,533 18,329 18,326 2021 GHC 76,279 (38,876) (23,585) (2,028) 11,790 (475) 531 11,846 (2,916) 8,930 2021 GHC 20,268 53,704 36,641 110,613 29,646 140,259 29,790 36,655 63,050 129,495

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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**Question 13** The extract disclosed below relates to JohNicho Limited for the year ended December 31, 2021. **JohNicho Limited** **Statement of Comprehensive Income for the year ended 31st December:** | | 2020 (GH¢) | 2021 (GH¢) | |----------------|------------|------------| | Net Sales | 80,510 | 76,279 | | Cost of goods sold | (41,010) | (38,876) | | SG&A | (24,760) | (23,585) | | Other costs | - | (2,028) | | Operating Income (EBIT) | 14,740 | 11,790 | | Interest | (609) | (475) | | Extraordinary income | 673 | 531 | | EBT | 14,804 | 11,846 | | Taxes | (3,019) | (2,916) | | Net Income | 11,785 | 8,930 | **JohLex Limited** **Statement of Financial Position as at 31st December:** | | 2020 (GH¢) | 2021 (GH¢) | |--------------------------|------------|------------| | Non-current assets | | | | Property, Plant & Equipment | 22,304 | 20,268 | | Motor vehicles | 47,316 | 53,704 | | Furniture | 32,265 | 36,641 | | Total non-current assets | 101,885 | 110,613 | | | | | | Current assets | | | | Trade Receivables | 6,386 | 4,861 | | Other Current Assets | 18,472 | 19,331 | | Inventories | 6,759 | 5,454 | | Total Current Assets | 31,617 | 29,646 | | | | | | Total assets | 133,502 | 140,259 | | | | | | Current liabilities | | | | Accounts payable
Transcribed Image Text:**Question 13** The extract disclosed below relates to JohNicho Limited for the year ended December 31, 2021. **JohNicho Limited** **Statement of Comprehensive Income for the year ended 31st December:** | | 2020 (GH¢) | 2021 (GH¢) | |----------------|------------|------------| | Net Sales | 80,510 | 76,279 | | Cost of goods sold | (41,010) | (38,876) | | SG&A | (24,760) | (23,585) | | Other costs | - | (2,028) | | Operating Income (EBIT) | 14,740 | 11,790 | | Interest | (609) | (475) | | Extraordinary income | 673 | 531 | | EBT | 14,804 | 11,846 | | Taxes | (3,019) | (2,916) | | Net Income | 11,785 | 8,930 | **JohLex Limited** **Statement of Financial Position as at 31st December:** | | 2020 (GH¢) | 2021 (GH¢) | |--------------------------|------------|------------| | Non-current assets | | | | Property, Plant & Equipment | 22,304 | 20,268 | | Motor vehicles | 47,316 | 53,704 | | Furniture | 32,265 | 36,641 | | Total non-current assets | 101,885 | 110,613 | | | | | | Current assets | | | | Trade Receivables | 6,386 | 4,861 | | Other Current Assets | 18,472 | 19,331 | | Inventories | 6,759 | 5,454 | | Total Current Assets | 31,617 | 29,646 | | | | | | Total assets | 133,502 | 140,259 | | | | | | Current liabilities | | | | Accounts payable
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