The following information were extracted from the books of Toyebi Ltd. You are required to calculate: (a) Rate of stock turnover; (b) Gross profit margin; (c) Current ratio; (d) Acid test ratio; (e) Return on capital employed.

Here are the calculations based on the provided financial statements:

a) Rate of stock turnover Step 1: Calculate the average stock. $Average Stock = \frac{Opening Stock + Closing Stock}{2}$ $Average Stock = \frac{\$63,000 + \$50,300}{2} = \frac{\$113,300}{2} = \$56,650$ Step 2: Calculate the rate of stock turnover. $Rate of Stock Turnover = \frac{Cost of Goods Sold}{Average Stock}$ $Rate of Stock Turnover = \frac{\$227,700}{\$56,650} = 4.02 times$ The rate of stock turnover is $\boxed{4.02 times}$.

b) Gross profit margin Step 1: Apply the gross profit margin formula. $Gross Profit Margin = \frac{Gross Profit}{Sales} \times 100\%$ $Gross Profit Margin = \frac{\$190,650}{\$418,350} \times 100\% = 0.4557 \times 100\% = 45.57\%$ The gross profit margin is $\boxed{45.57\%}$.

c) Current ratio Step 1: Calculate total current assets. $Current Assets = Stock + Debtors + Cash$ $Current Assets = \$50,300 + \$32,500 + \$18,350 = \$101,150$ Step 2: Apply the current ratio formula. $Current Ratio = \frac{Current Assets}{Current Liabilities}$ $Current Ratio = \frac{\$101,150}{\$41,750} = 2.42:1$ The current ratio is $\boxed{2.42:1}$.

d) Acid test ratio Step 1: Calculate quick assets (current assets excluding stock). $Quick Assets = Current Assets - Stock$ $Quick Assets = \$101,150 - \$50,300 = \$50,850$ Step 2: Apply the acid test ratio formula. $Acid Test Ratio = \frac{Quick Assets}{Current Liabilities}$ $Acid Test Ratio = \frac{\$50,850}{\$41,750} = 1.22:1$ The acid test ratio is $\boxed{1.22:1}$.

e) Return on capital employed Step 1: Determine the capital employed. Capital employed can be calculated as Fixed Assets + Working Capital, or as Total Equity + Non-current Liabilities. In this case, the closing capital (equity) is given as 129,100. $$ Capital Employed = Fixed Assets + (Current Assets - Current Liabilities) $$ $$ Capital Employed = \69,700 + ($101,150 - $41,750) $$ Capital Employed = $69,700 + $59,400 = $129,100 $Step 2: Apply the return on capital employed formula.$ Return on Capital Employed = \frac{Net Profit}{Capital Employed} \times 100% $$ Return on Capital Employed = \frac{$40,000}{$129,100} \times 100% = 0.3098 \times 100% = 30.98% $$ The return on capital employed is $\boxed{30.98\%}$.