The following details appeared in the final accounts of a sole trader's business
Current assets
R
8 400
Current liabilities 4 000
Gross profit 5 000
Net profit 2 400
Purchases 16 000
Sales 21 000
Capital 30 000
The opening and closing stocks, being identical figures, are not shown.
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The following details appeared in the final accounts of a sole trader's business
The following details appears in the final accounts of a sole trader's business. 8 400 Current...
The following details appears in the final accounts of a sole trader's business. 8 400 Current assets Current liabilities Gross profit Net profit Purchases 4 000 5 000 2 400 16 000 Sales 21 000 30 000 Capital NB: The opening and closing stocks, being identical figures, are not shown. Required Answer the following questions: a) What is the ratio between current assets and current liabilities, and is it a satisfactory one? b) What is the percentage gross profit on...
Style Limited (Adapted from Dyson p 245, 10.9) | 2018 £ 000 000 2017 £ 000...
Style Limited (Adapted from Dyson p 245, 10.9) | 2018 £ 000 000 2017 £ 000 2017 £000 £000 000 000 1,900 1,500 420 685 Income Statement Sales (all credit) Cost of Goods Sold Opening stock Purchases (all credit) 80 100 2018 £ 000 Statement of Financial Position Fixed Assets (NBV) Current Assets Inventory 250 Trade debtors 850 Bank 1,100 Less : Current Liabilities Bank overdraft Trade creditors 995 100 1,400 1,500 200 375 1,075 Less closing stock 100 Gross...
Comment on: a) the company's performance for the year to 30 June 2018 b) the limitations...
Comment on:
a) the company's performance for the year to 30 June 2018
b) the limitations of ratio analysis
Style Limited (Adapted from Dyson p 245, 10.9) 2018 £ 000 2017 £ 000 2017 000 000 000 000 000 1,900 1,500 420 685 Income Statement Sales (all credit) Cost of Goods Sold Opening stock Purchases (all credit) 80 2018 £ 000 Statement of Financial Position Fixed Assets (NBV) Current Assets Inventory 250 Trade debtors Bank 1,100 Less: Current Liabilities Bank...
Thelma Blinkley is the sole proprietor of the "Retro Lounge' a business that sells retro banana...
Thelma Blinkley is the sole proprietor of the "Retro Lounge' a business that sells retro banana lounges. Thelma is a good friend of both Ms Blake and Mr Jones and they frequently refer clients to each other business. They have been so impressed with the quality of accounting work done for them by Michell & Co Accounting Specialists Pty Ltd and in particular with your work that they have suggested that Thelma come to see you for assistance in preparing...
D a loss of R800 none of the above (3) The following balances appeared in the...
D a loss of R800 none of the above (3) The following balances appeared in the books of Tredwell balances appeared in the books of Tredwell Stores on 28 February 2014, the end of the financial year: 1.9 Purchases 195 000 Sales 450 000 Sales returns 6 000 Purchases returns 3 000 Opening inventory 30 000 Closing inventory 36 000 Carriage on purchases 15 000 If Tredwell Stores uses the periodic inventory system, the gross profit for the year ended...
The following figures relate to a hospitality business. 35% of all sales and 80% of all...
The following figures relate to a hospitality business. 35% of all sales and 80% of all purchases are on credit. Using accepted ratios and percentages comment on the gross and net profits, the current ratio and the acid test, debtors and creditors payment periods, stock turnover, and return on capital employed. Trading and profit and loss account for year ending December 31st 2014 £000's 2014 60,000 24,000 36,000 15.000 21,000 9.750 11,250 Sales Cost of sales Gross profit Wages Net...
You are to study the following financial statements for two furniture stores and then answer the...
You are to study the following financial statements for two furniture stores and then answer the question which follow. Financial Statements A B $’000 $’000 $’000 $’000 Income Statements Sales 2,500 1,600 Opening Inventory 190 110 Add Purchases 2,100 1,220 Less Closing Inventory (220) (2,070) (160) (1,170) Gross profit 430 430 Less; Directors remuneration 70 120 Wages and salaries 180 130 Other expenses 14 (264) 10 (260) Net profit 166 170 Statement of financial position...
Ms. Sade is a trader Operating under the name of 'SA Traders'. She informs you that...
Ms. Sade is a trader Operating under the name of 'SA Traders'. She informs you that she consistently adds 33 1/3% to the costs of all goods which she sells in order to arrive at Selling prices. She presents you with the following financial statements for the year ended 31 March 2000 and 2001. INCOME STATEMENT 2001 2000 Sales net 471 100 Less cost of sales 360 900 Gross profit 110 200 Discount received 1700 111 900 Operating expenses 93...
Q1. You are to study the following financial statements for two furniture stores and then answer...
Q1. You are to study the following financial statements for two furniture stores and then answer the question which follow. Financial Statements A B $’000 $’000 $’000 $’000 Income Statements Sales 2,500 1,600 Opening Inventory 190 110 Add Purchases 2,100 1,220 Less Closing Inventory (220) (2,070) (160) (1,170) Gross profit 430 430 Less; Directors remuneration 70 120 Wages and salaries 180 130 Other expenses 14 (264) 10 (260) Net profit 166 170 Statement of financial...
Ms Sade is a trader operating under the name of 'SA Traders'. She informs you that...
Ms Sade is a trader operating under the name of 'SA Traders'. She informs you that she consistently adds 33% to the cost of all goods which she sells in order to arrive at selling prices. She presents you with the following financial statements for the years ended 31 March 2000 and 2001. INCOME STATEMENT 2001 2000 Sales net Less cost of sales Gross profit Discount received 471 100 360 900 110 200 1 700 111 900 93 420 18...
The following details appears in the final accounts of a sole trader's business. 8 400 Current assets Current liabilities Gross profit Net profit Purchases 4 000 5 000 2 400 16 000 Sales 21 000 30 000 Capital NB: The opening and closing stocks, being identical figures, are not shown. Required Answer the following questions: a) What is the ratio between current assets and current liabilities, and is it a satisfactory one? b) What is the percentage gross profit on...
Style Limited (Adapted from Dyson p 245, 10.9) | 2018 £ 000 000 2017 £ 000 2017 £000 £000 000 000 1,900 1,500 420 685 Income Statement Sales (all credit) Cost of Goods Sold Opening stock Purchases (all credit) 80 100 2018 £ 000 Statement of Financial Position Fixed Assets (NBV) Current Assets Inventory 250 Trade debtors 850 Bank 1,100 Less : Current Liabilities Bank overdraft Trade creditors 995 100 1,400 1,500 200 375 1,075 Less closing stock 100 Gross...
Comment on:
a) the company's performance for the year to 30 June 2018
b) the limitations of ratio analysis
Style Limited (Adapted from Dyson p 245, 10.9) 2018 £ 000 2017 £ 000 2017 000 000 000 000 000 1,900 1,500 420 685 Income Statement Sales (all credit) Cost of Goods Sold Opening stock Purchases (all credit) 80 2018 £ 000 Statement of Financial Position Fixed Assets (NBV) Current Assets Inventory 250 Trade debtors Bank 1,100 Less: Current Liabilities Bank...
Thelma Blinkley is the sole proprietor of the "Retro Lounge' a business that sells retro banana lounges. Thelma is a good friend of both Ms Blake and Mr Jones and they frequently refer clients to each other business. They have been so impressed with the quality of accounting work done for them by Michell & Co Accounting Specialists Pty Ltd and in particular with your work that they have suggested that Thelma come to see you for assistance in preparing...
D a loss of R800 none of the above (3) The following balances appeared in the books of Tredwell balances appeared in the books of Tredwell Stores on 28 February 2014, the end of the financial year: 1.9 Purchases 195 000 Sales 450 000 Sales returns 6 000 Purchases returns 3 000 Opening inventory 30 000 Closing inventory 36 000 Carriage on purchases 15 000 If Tredwell Stores uses the periodic inventory system, the gross profit for the year ended...
The following figures relate to a hospitality business. 35% of all sales and 80% of all purchases are on credit. Using accepted ratios and percentages comment on the gross and net profits, the current ratio and the acid test, debtors and creditors payment periods, stock turnover, and return on capital employed. Trading and profit and loss account for year ending December 31st 2014 £000's 2014 60,000 24,000 36,000 15.000 21,000 9.750 11,250 Sales Cost of sales Gross profit Wages Net...
Ms. Sade is a trader Operating under the name of 'SA Traders'. She informs you that she consistently adds 33 1/3% to the costs of all goods which she sells in order to arrive at Selling prices. She presents you with the following financial statements for the year ended 31 March 2000 and 2001. INCOME STATEMENT 2001 2000 Sales net 471 100 Less cost of sales 360 900 Gross profit 110 200 Discount received 1700 111 900 Operating expenses 93...
Ms Sade is a trader operating under the name of 'SA Traders'. She informs you that she consistently adds 33% to the cost of all goods which she sells in order to arrive at selling prices. She presents you with the following financial statements for the years ended 31 March 2000 and 2001. INCOME STATEMENT 2001 2000 Sales net Less cost of sales Gross profit Discount received 471 100 360 900 110 200 1 700 111 900 93 420 18...
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