QUESTION $3(20$ MARKS$)$ REQUIRED Use the information provided below to prepare the Statement of Comprehensive Income for the year ended $31$ December $2022.$ INFORMATION The information given below was extracted from the accounting records of Questor Ltd on $31$ December $2022($the end of the financial year$).$QUESTION $2$

$(20$ Marks$)$

REQUIRED

Use the information provided below to answer the following questions.

Note: Use formulas provided in the formula sheet only $($that appear after QUESTION $5).$ Answers to the ratios

must be expressad to two decimal placas.

$2\mathrm{.}1$ Calculate the percentage profit on sales after the cost of sales only have been accounted for. $(2$ marks$)$

$2\mathrm{.}2$ Has the liquidity of the company improved? Use two relevant ratios to motivate your answer. $(6$ marks$)$

$2\mathrm{.}3$ Use the relevant ratios to comment on the effectiveness with which the company has employed the inventory

and debtors during $2022.(6$ marks$)$

$2\mathrm{.}4$ Use TWO $(2)$ appropriate ratios that shareholders would use to assess the profitability of the company for

$2022$ by examining the after$-$tax returns earnad. Comment on your calculations. $(6$ marks$)$

INFORMATION

Extracts of the financial statemants of Ultra Limited are presented below.

STATEMENT OF FINANCIAL POSITION AS AT $31$ DECEMBER:

Additional information

The authorised share capital of the company consists of $1500000$ ordinary shares of which $1000000$ have

been issued.