Reference no: EM13894974

Listed below are the account balances, cash receipts, cash payments and other data for Mycompany Limited, a company that sells building supplies. The accounts are for the financial year's ended 30 June 2014 and 2015:

	2014	2015
	$	$
Accounts payable	30,000	10,500
Accounts receivable	40,000	50,000
Accumulated depreciation (buildings)	120,000	135,000
Accumulated depreciation (equipment)	45,000	60,000
Buildings	430,000	460,000
Cash	30,000	40,000
Contributed capital	400,000	400,000
Purchase	170,000	180,000
Dividends (declared and paid)	17,000	12,000
Equipment	260,000	265,000
General and administrative expenses	96,000	90,000
Income tax expense	14,000	20,000
Income tax payable	?	?
Interest expense	25,000	30,000
Interest payable	10,000	10,000
Land	35,000	40,000
Long-term investments	35,000	50,000
Merchandise inventory	60,000	70,000
Loans, current portion	30,000	22,000
Loans, non-current	278,000	270,000
Prepaid insurance	20,000	5,000
Retained earnings, beginning balance	25,000	60,000
Sales revenue	310,000	380,000
Selling expenses	47,000	35,000
Supplies	20,000	15,000
Trademarks	25,000	25,000
Wages payable	17,000	9,500

Note: Beginning inventory for the financial year ended 30th June 2014 is $ 15,000.

Required:

a) From the above data, prepare a Statement of Financial Performance for 2014 and 2015

b) From the above data, prepare a Statement of Financial Position for 2014 and 2015

c) From the company's financial statements, calculate the following ratios for the two years:-

i) Return on Assets ratio

ii) Return on Equity ratio

iii) Net Margin

iv) Quick ratio

v) Current ratio

vi) Asset turnover ratio

vii) Average settlement period for debtors

viii) Average settlement period for creditors

ix) Interest cover ratio

x) Gross profit margin.