During the strategic meeting, the following targets have been set for the financial year ended Feb 2022. Use these targets and draft the Statement of Comprehensive Income and the Statement of Financial Position for the year ended February 2022. Target Sales: R’000 R53,109 Cost of Sales: 

The company uses a gross profit percentage of 45% to calculate the sales price 

Expenses 17% of Sales 

Finance Charges: R’000 R1,460 

Effective tax rate 28.00% 

Fixed asset turnover rate 1.85 Inventory days 50 Days 

Trade debtor days 60 Days Current Liabilities Current ratio is: 1.5:1 

Long term liabilities to Debt ratio 0.6: 1.0 

Purchases 85% of the cost of sales Credit sales 75% of total sales Cash and Marketable securities R2,500 

Required: 

Draft the Statement of Comprehensive Income and the Statement of Financial Position.

Answer rating: 100% (QA)

Purchases08529209952482846 Credit sales075531093983175 NOt... View the full answer