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Question: The income statement of OutTel Ltd for the year ending 30 June is detailed below: Credit Sales
Year 2020 : $850 000
Year 2019: $695 000
Cost of goods sold
Year 2020 : 650 000
Year 2019: 480 000
Gross profit
Year 2020 : 200 000
Year 2019: 215 000
Operating expenses
Year 2020 : 120 000
Year 2019: 132 000
Profit
Year 2020: 80 000
Year 2019: 83 000
The following amounts have been extracted from the company's balance sheet as at 30 June:
Accounts / Trade receivable
Year 2020 : $115 000
Year 2019: $135 000
Year 2018: $165 000
Prepaid expenses
Year 2020 : 10 000
Year 2019: 15 000
Year 2018: 22 000
Cash
Year 2020 : 15 000
Year 2019: 20 000
Year 2018: 18 000
Inventory
Year 2020 :65 000
Year 2019: 85 000
Year 2018: 145 000
Bank overdraft
Year 2020 :13 000
Year 2019: 4 000
Year 2018: 7 000
Accounts payable
Year 2019: 98 000
Year 2018: 83 000
Accrued expenses
Year 2020 : 6 000
Year 2019: 6 000
Year 2018: 6 000
Required: a) Calculate the following ratios for 2020 and 2019:
i. current ratio
ii. quick ratio
iii. days inventory
iv. days debtors
b) Prepare a brief report commenting on OutTel's liquidity and efficiency.
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