The questions related to this section are based on the following scenario. The financial records of Mr. Tan as at 31 October 2020 is as follows: Creditors/ Payables $3,000 Office fittings $6,000 Operating expenses $7,000 Inventory-closing $6,000 Debtors/Receivables $4,050 Bank overdraft $9,100 Sales $50,000 Purchases $20,000 1.Based on the above scenario in this section. Compute the total liabilities? 2.Based on the above scenario in this section. compute the net profit? Based on the above scenario in this section. Compute the gross profit?
The questions related to this section are based on the following scenario. The financial records of Mr. Tan as at 31 October 2020 is as follows: Creditors/ Payables $3,000 Office fittings $6,000 Operating expenses $7,000 Inventory-closing $6,000 Debtors/Receivables $4,050 Bank overdraft $9,100 Sales $50,000 Purchases $20,000 1.Based on the above scenario in this section. Compute the total liabilities? 2.Based on the above scenario in this section. compute the net profit? Based on the above scenario in this section. Compute the gross profit?
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 6DQ
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The questions related to this section are based on the following scenario.
The financial records of Mr. Tan as at 31 October 2020 is as follows:
Creditors/ Payables $3,000
Office fittings $6,000
Operating expenses $7,000
Inventory-closing $6,000
Debtors/Receivables $4,050
Bank overdraft $9,100
Sales $50,000
Purchases $20,000
1.Based on the above scenario in this section. Compute the total liabilities?
2.Based on the above scenario in this section. compute the net profit?
Based on the above scenario in this section. Compute the gross profit?
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