1. Fill the missing information given the available data. (7 marks)

Ending balance of current liabilities $50,000

Current ratio at the end of the year 1.6:1

Beginning balance of shareholder equity $1,20,000

Beginning balance of inventory $35,000

Purchases during the year $40,000

Ending balance of inventory $30,000

Gross profit margin 45%

Net profit margin 10%

Ending balance of long term debt $40,000

To find:

Ending balance of Current assets ??

Cost of goods sold in the year ??

Sales for the year ??

Profit after tax for the year ??

Ending balance of shareholder equity ??

Total of ending balance sheet (Assets = Liabilities+ Equity) ??

Ending balance of non-current assets ??