QUESTION 2 (30 marks) Determine the amount based on the information given in each question. Treat each question independently. 1. How much was the current liabilities if current assets was RM69,000 and current ratio was 2.30:1? (4 marks) 2. If the debtor's collection period is 45 days, what would be the amount for account receivables if annual sales were RM500,500 and return inwards RM500? (5 marks) 3. Calculate and briefly explain the acid test ratio below: Bank RM2,900 Cash RM1,050 Inventory RM890 Prepaid expenses RM260 Prepaid revenue RM120 Account receivables RM560 Account payable RM3,000 (8 marks) 4. Given below the Income Statement for the year ended 30 December 2020: Sales revenue RM 900.500 Cost of goods sold (370,000) Gross profit 530,500 Operating expenses (498,000) Net profit 32.500 Average inventories was RM215,000. a. Compute the followings: i. Gross profit margin ii. Inventory turnover ratio iii. Net profit margin (12 marks) b. Based on the ratio computed above, what is your opinion towards the company financial position? (1 marks)