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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