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(A) You decide to perform some preliminary analytical review on the information provided by the Finance Director, in order to help with the planning of this year’s audit.

Prepare a common-size (vertical) analysis of both the Balance Sheet and Income Statement for both years. Use “Total Assets” as your base figure for the Balance Sheet and “Sales” as your base figure for the income statement.

Prepare a trend (horizontal) analysis for 2015, comparing all figures to the prior year and noting the % change in each.

For both years, calculate:

2 liquidity ratios (current ratio and quick ratio);

4 activity ratios (accounts receivable turnover, days to collect, inventory turnover, days to sell);

2 long term solvency ratios (debt/equity, tangible net assets/equity); and

2 profitability ratios (net profit and return on total assets).
Use Excel to answer all three parts. Produce working sheets (these will show the formulae you used) to calculate the ratios. (12 marks).

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