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Question - Yellowstone Wolves Pty Ltd began operations on 1 January 2020. Below is selected information from their comparative financial statements for the year ended 31 December 2021:
2021
2020
Cash assets
$28,000
$30,000
Receivables
70,000
65,000
Inventories
56,000
58,000
Property, plant and equipment (net)
63,000
66,000
Accounts Payable
22,000
25,000
Short-term Loan
20,000
24,000
Non-Current Liabilities
60,000
Revenue
240,000
250,000
Less: Cost of Sales
130,000
140,000
Gross Profit
110,000
Other Expenses
43,000
48,000
Profit
67,000
62,000
Required -
a) Calculate the following ratios for the year ended 2021 (to 1 decimal place).
1. Profit margin ratio.
2. Current ratio.
3. Receivables turnover ratio.
4. Inventory turnover ratio.
5. The debt ratio.
b) After calculating the current ratio for Yellowstone Wolves Pty Ltd, the owner decided that the company was in a sound position for paying its liquid liabilities. As their bookkeeper discuss the limitations of the owner's conclusion.
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