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GGG Traders recruited you as their accountant for 30 June 2020 financial year. The business has the following information   Credit sales                305 000 Mark-up                     30% Opening stock            18 600 Closing stock              24 800 Total expenses           34 250 Debtors Turnover      15 times Creditors turnover       8 times Current Assets             68 400 Current Liabilities         35 500 Calculate the following: a .  Gross profit b.  Cost of sales c.   Purchases d.   Inventory turnover e.  Net profit f.  Debtors balance g.  Creditors balance h.  Current Ratio i.   Cash balance j.  Bank overdraft

GGG Traders recruited you as their accountant for 30 June 2020 financial year. The business has the following information   Credit sales                305 000 Mark-up                     30% Opening stock            18 600 Closing stock              24 800 Total expenses           34 250 Debtors Turnover      15 times Creditors turnover       8 times Current Assets             68 400 Current Liabilities         35 500 Calculate the following: a .  Gross profit b.  Cost of sales c.   Purchases d.   Inventory turnover e.  Net profit f.  Debtors balance g.  Creditors balance h.  Current Ratio i.   Cash balance j.  Bank overdraft

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter9: Long-term Liabilities
Section: Chapter Questions
Problem 103.1C: Leverage Cook Corporation issued financial statements at December 31, 2019, that include the...
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GGG Traders recruited you as their accountant for 30 June 2020 financial year. The business has the following information

 

Credit sales                305 000

Mark-up                     30%

Opening stock            18 600

Closing stock              24 800

Total expenses           34 250

Debtors Turnover      15 times

Creditors turnover       8 times

Current Assets             68 400

Current Liabilities         35 500

Calculate the following:

a .  Gross profit

b.  Cost of sales

c.   Purchases

d.   Inventory turnover

e.  Net profit

f.  Debtors balance

g.  Creditors balance

h.  Current Ratio

i.   Cash balance

j.  Bank overdraft

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