Japheth Enterprises is a wholesale business based in Auckland, owned and operated by Ms Pauline Pune. The business deals mainly in giftware. Ms Pune recently received from her accountant the annual financial statements for Japheth Enterprises for the year ended 31 March 2016 and a copy of these are included in Appendix A. As a wholesaler, 80% of Japheth Enterprises sales are on credit. Comparative figures for 2015 and industry averages are also given in Appendix B. Ms Pune has some concerns about her business but has limited accounting knowledge and asks for your help in understanding what the financial statements reveal about the business. Ms Pune has particular concerns about the rapidly dropping bank balance and the ability of the business to pay its bills. She is also concerned about the increase in inventory. Required. You are required to prepare a report for Ms Pune as follows: a) Complete the ratio calculations for 2016 in Appendix B in the Excel file provided. Show your calculations on this sheet. Calculations should not appear in the body of the report. A list of analysis ratios for use with Cunningham is included in Appendix C (10 marks) b) Using the financial statements and relevant ratios from Appendix B, discuss the liquidity and short term debt paying ability of Japheth Enterprises, making sure you explain these concepts as well as giving your findings (8 marks) c) Identify and discuss at least three significant issues in relation to the management of inventory at Japheth Enterprises (12 marks) d) Make three recommendations you consider appropriate following on from your discussions in b) and c). (6 marks) Guidelines for writing reports are given in the Administration Guide under Assessment details/ Assignment Two. (9 marks will be allocated to presentation and referencing of your report). Detailed Assignment Instructions