answer v Fishing Sales Enterprise has prepared their simplified Final Accounts the½ year endingOctober 30, 2001.Fishing Sales EnterpriseTrading & Profit & Loss AccountYear ended October 30, 2001Opening StockAdd: Purchases1,00011,20012,20080011,4008. 60020,000Sales20,000Less closing stockCost of goods soldGross profit c/d20,000Wages and salariesUtilities3,000500Gross profit b/dRent received8,6004,000Insurance owingOther expensesNet profit2001,3007,60012,60012,600Fishing Sales EnterpriseBalance SheetAs at October 30, 2001Fixed assets total (net)Current asset total16,00012,000Capital including net profitLong-term liabilityCurrent liability10,0008,00010,00028.00028,000Calculate the following for Fishing Sales Ltd.Average stockGross profit percentageNet profit percentageRate of return on investments in fixed assetsRate of turnoveri.ii.ii.iv.V.vi,Current ratioWorking capitalThe new net profit percentage if NO rent was receivedAcid test ratiovii.vi,ix.х.The effect on net profit if closing stock was $1,600

Inventory: It refers to the items held by an organization which were in various forms like raw…

Fishing Sales Enterprise has prepared their simplified Final Accounts the 2 year ending October 30, 2001. Fishing Sales Enterprise Trading & Profit & Loss Account Year ended October 30, 2001 Opening Stock Add: Purchases 1,000 11,200 12,200 800 11,400 8, 600 20,000 Sales 20,000 Less closing stock Cost of goods sold Gross profit c/d 20,000 Gross profit b/d Rent received Wages and salaries Utilities Insurance owing Other expenses Net profit 3,000 500 8,600 4,000 200 1,300 7,600 12,600 12,600 Fishing Sales Enterprise Balance Sheet As at October 30, 2001 16,000 12,000 Capital including net profit Long-term liability Current liability Fixed assets total (net) 10,000 8,000 10,000 Current asset total 28,000 28,000 Calculate the following for Fishing Sales Ltd. Average stock Gross profit percentage Net profit percentage Rate of return on investments in fixed assets i. i. ii. iv. V. Rate of turnover Current ratio Working capital The new net profit percentage if NO rent was received Acid test ratio vi. vii. viii. ix. X. The effect on net profit if closing stock was $1,600

Fishing Sales Enterprise has prepared their simplified Final Accounts the 2 year ending October 30, 2001. Fishing Sales Enterprise Trading & Profit & Loss Account Year ended October 30, 2001 Opening Stock Add: Purchases 1,000 11,200 12,200 800 11,400 8, 600 20,000 Sales 20,000 Less closing stock Cost of goods sold Gross profit c/d 20,000 Gross profit b/d Rent received Wages and salaries Utilities Insurance owing Other expenses Net profit 3,000 500 8,600 4,000 200 1,300 7,600 12,600 12,600 Fishing Sales Enterprise Balance Sheet As at October 30, 2001 16,000 12,000 Capital including net profit Long-term liability Current liability Fixed assets total (net) 10,000 8,000 10,000 Current asset total 28,000 28,000 Calculate the following for Fishing Sales Ltd. Average stock Gross profit percentage Net profit percentage Rate of return on investments in fixed assets i. i. ii. iv. V. Rate of turnover Current ratio Working capital The new net profit percentage if NO rent was received Acid test ratio vi. vii. viii. ix. X. The effect on net profit if closing stock was $1,600

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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