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 Groos profit b Cost of sales c purchases
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 Groos profit
b Cost of sales
c purchases
d inventory turnover days
e Net profit margin
f Debtors Balance
g Creditors Balance
h
i Cash balance
j Bank overdraft
Round of your answers to the nearest zero decimal place
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