LCBB4001 Accounting Fundamentals-Debtors Collection Period

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LCBB4001 Accounting Fundamentals

Task:

Module Learning Outcomes (from module syllabus)

Having successfully completed the module, you will be able to:

1. Discuss who might be the main users of financial statements and their needs

2. Understand the basic principles underlying financial statements

3. Recognise the measurement problems arising in financial accounting

4. Appreciate the significance of the choices of accounting policies

5. Interpret simple financial statements

6. Use a set of financial statements to value an organisation for investment purposes

Required:

a) Prepare an income statement for the year ended 31st December 2021 for Wales plc and a statement of financial position as at that date. [40 marks]

b) Why does the statement of financial position balance?

Sweets plc is a long-established sweets and confectionery manufacturer. All products are manufactured in the UK, but sales are made worldwide. It is a growing but competitive market. Given below are extracts from their financial statements,

Required:

a. Calculate the following ratios for Sweets plc for 2021 and 2020, showing the formulas and workings:
1- ROCE
2- ROE
3- Earnings per share
4- Net profit margin
5- Asset turnover
6- Stock holding days
7- Debtors collection period
8- Current ratio
9- Gearing ratio
10- Interest cover

b. Using the information in the financial statements and the ratios you have calculated, comment on the financial performance and position of Sweets plc. 

LCBB4001 Accounting Fundamentals

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