Ltd WebEx... B44 Gulixian Tu... Dashboard | UNIC... Google Translate 9 D International exch Two partners, Joe and Jill of "Joe's & Jill's Chocolate Shop" are sharing their profits equally. of The partnership started on Jan 1, 2020. tion The following data were available: Balance Jan 1, 2020 Joe () 0 Jill (C) 0 Additional Investments 100 100 Net Income for the year ? ? Drawings Balance Dec 31, 2020 50 250 20 280 Answer the following questions and make sure to show all your calculations and formulae used. (a) What is the Net Income of the company? (4 marks) Assume that the income for the company was tax free (thus tax expense was zero), and that interest expense for the company was zero during the year. Hint: This means that EBIT Net Income (as calculated in (a), to simplify things). = Let's also assume that: Long term liabilities Current liabilities Gross Profit Cost of Goods Sold 500 100 800 300 (b) What is the Return on Capital Employed (ROCE) of the company? (4 marks) (c) How is ROCE interpreted? Discuss your finding in (b) above given the ROCE for the Chocolate Industry is 20%. (4 marks) (d) Calculate Return on Sales and Gross Margin. (4 marks) (e) Calculate the ROE of the company. How is the ROE of a company interpreted? (4 marks)