Fishing Sales Enterprise has prepared their simplified Final Accounts the ½ 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 3,000 500 Wages and salaries Utilities Insurance owing Other expenses Net profit Gross profit b/d Rent received 8,600 4,000 200 1,300 7,600 12,600 12,600 Fishing Sales Enterprise Balance Sheet As at October 30, 2001 Fixed assets total (net) Current asset total 16,000 12,000 Capital including net profit Long-term liability Current liability 10,000 8,000 10,000 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. ii. ii. iv. V. Rate of turnover vi, Current ratio vii. Working capital The new net profit percentage if NO rent was received Acid test ratio vii. ix. х. The effect on net profit if closing stock was $1,600
Fishing Sales Enterprise has prepared their simplified Final Accounts the ½ 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 3,000 500 Wages and salaries Utilities Insurance owing Other expenses Net profit Gross profit b/d Rent received 8,600 4,000 200 1,300 7,600 12,600 12,600 Fishing Sales Enterprise Balance Sheet As at October 30, 2001 Fixed assets total (net) Current asset total 16,000 12,000 Capital including net profit Long-term liability Current liability 10,000 8,000 10,000 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. ii. ii. iv. V. Rate of turnover vi, Current ratio vii. Working capital The new net profit percentage if NO rent was received Acid test ratio vii. ix. х. The effect on net profit if closing stock was $1,600
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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