Use the following financial statements in answering questions 6, 7 and 8: Fly Limited Income…

Use the following financial statements in answering questions 6, 7 and 8: Fly Limited Income…
 Use the following financial statements in answering questions 6, 7 and 8:   Fly Limited   Income statement for the year ended 31 March 2014   £’000   Revenue   7,215   Cost of sales   6,450   Gross profit   765   Operating expenses   285   Operating profit   480   Finance (interest) expense   120   Profit before tax   360   Taxation   105   Profit for current year   255   Statement of Financial Position as at 31 March 2014   Non-current assets   1,305   Current assets   Inventory   2,640   Trade receivables   1,890   Cash and cash equivalents   8   4,538   Total Assets   5,843   Current liabilities   Trade payables   2,055   Taxation payable   105   Bank overdraft   1,005   3,165   Non-current liabilities   Loan   300   Equity   Ordinary share capital   825   Share premium account   142   Retained earnings (total)   1,411   Total Equity   2,378   Equity and Total Liabilities   5,843   6. Based on the above financial statements for Fly Ltd, what is the operating profit margin for the year ended 31 March 2014?   9.52% (b) 6.65%   (c) 15.90%   (d) None of the above   7. Based on the above financial statements for Fly Ltd, what is the Acid testratio for the year ended 31 March 2014?   0.80 : 1 1.57 : 1 1.43 : 1 None of the above 8.Based on the above financial statements for Fly Ltd, what are the tradepayables days at 31 March 2014 (to the nearest whole days)?   (a) 116 days   124 days 56 days None of the above. May 16 2022 03:12 PM

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