1. From the following balances taken from the books Shane Ltd. for the year ending March 31, 2022, calculate the gross profit. (₹) Closing Stock 2,50,000 Net sales during the year 40,00,000 Net purchases during the year 15,00,000 Opening stock 15,00,000 Direct expenses 80,000

1. From the following balances taken from the books Shane Ltd. for the year ending March 31, 2022, calculate the gross profit. (₹) Closing Stock 2,50,000 Net sales during the year 40,00,000 Net purchases during the year 15,00,000 Opening stock 15,00,000 Direct expenses 80,000

Name: 1. From the following balances taken from the books Shane Ltd. for the
Uploaded: 2024-03-05T11:47:04.000Z
Channel: Bartleby
Description: 1. From the following balances taken from the books Shane Ltd. for the year ending March 31, 2022,calculate the gross profit.(₹)Closing Stock2,50,000Net sales during the year40,00,000Net purchases during the year15,00,000Opening stock15,00,000Direct

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Calculate the amount of gross profit on the basis of the following balances extracted from the books of Edward and Co. for the year ended March 31, 2022.Advertisements (₹)Opening Stock50,000Net sales11,00,000Net purchases6,00,000Direct expenses60,000Administration expenses45,000Selling and distribution expenses65,000Loss due to fire20,000Closing stock70,000
Phina A. Asa Trading gives you the following information for the year ended December 31,2019 a. Cost of Sales (60% of sales) Php. 57,600.00 b. Cash sales ? 79,160.00 7,000.00 10,275.00 4,000.00 6,500.00 2,138.00 c. Cash paid to suppliers d. Paid taxes e. Purchased equipment f. Paid dividends g. Proceeds of loan Cash, beginning 01/2019 Note: Sales are recorded under cash basis.
Use the following selected 2019 balance sheet and income statement information for Homer Glen Supply Co. (in millions) to compute the gross profit percentage to the nearest hundredth of a percent. Net income $104,940 Select one: C O O O A. 44.26% B. 4.42% C. 8.56% D. 28.76% Gross profit on sales $1,050,600 Average total assets $631,050 Sales $2,373,882 Tax rate on operating profit 35%
The following data are taken from the financial statements of Sheffield Company. Accounts receivable (net), end of year Net sales on account Terms for all sales are 1/10, n/45 (a1) X Your answer is incorrect. 2022 $555,000 3,997,500 2021 $470,000 3,122,250 Compute for each year the accounts receivable turnover. At the end of 2020, accounts receivable (net) was $435,000. (Round answers to 1 decimal place, e.g. 1.6.)
Hancock Company reported the following account balancesat December 31, 2027:Sales revenue $97,000Dividends. $11,000Supplies 13,000Accounts payable 41,000Patent $59,000Building Common stock.. $27,000Insurance expense .... $31,000Notes payable .. $39,000Income tax expense $42,000Cash . . $19,000Repair expense ?Copyright $20,000Equipment $14,000Utilities payable. $22,000Inventory $64,000Retained earnings. .. $87,000 (at Jan. 1, 2027)Interest revenue $55,000Cost of goods sold ..... .. $37,000Accumulated depreciation .... $23,000 $34,000Accounts receivable ? Trademark. ... $51,000Calculate the total intangible assets reported in HancockCompany's December 31, 2027 balance sheet. The following additional information is available:1) The note payable listed above was a 4- year bank loan taken out on September 1, 2024.2) The total P - P - E at Dec. 31, 2027 was equal to 75% of the total current liabilities at Dec. 31, 2027. ՄԴ S
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
Following are the data extracted from Alma Corporation, at the end of December 1, 2019: Sales …………14,000,500 Sales Return ……………. P 25,200 Purchases (net) . 2,400,000 Transportation inward … 32,000 Direct Labor …… 3,204,000 FOH (total) ………………….1,885,600 Sales salaries ….. 200,000 Advertising expense…… 155,000 Delivery Expense 65,000 During the year 25,000 units were completed: Inventories December, 2019 January, 2019 Finished Goods ………… P 467,400 ……………. P 620,000 Work in Process ……………….. 136,800 ..…………... 129,800 Materials …………………………. 196,000 …................. 176,000 Required: Compute for the following: (Show your solution in the space provided) 1. Total Factory Cost 2. Cost of Goods Manufactured 3. Per unit cost of goods manufactured 4. Cost of Goods Sold 5. Gross Profit and Net Profit
Prepare a vertical analysis of the income statement data for Whispering Winds Corporation for both years. (Round percentages to 1 decimal place, e.g. 12.1%.) WHISPERING WINDS CORPORATIONComparative Income StatementsFor the Years Ended December 31 2022 2021 $ Percent $ Percent Net sales $688,000 Enter percentages % $576,000 Enter percentages % Cost of goods sold 445,000 Enter percentages % 417,000 Enter percentages % Gross profit 243,000 Enter percentages % 159,000 Enter percentages % Operating expenses 145,000 Enter percentages % 108,000 Enter percentages % Net income $98,000 Enter percentages % $51,000 Enter percentages %
The following information was extracted from the financial records of Mxo Limited at 28 February 2021, the end of the financial year. 2021 2020 R R Inventory 75 300 22 400 Other financial assets 130 000 125 000 Other financial liabilities 159 000 180 000 Trade receivables 57 300 47 400 Trade payables 32 900 28 500 Additional information: 1. The gross profit percentage is 38% on sales. 2. Purchases for the year amounted to R295 000 and 49% thereof were on credit. 3. Ratios reported in year ended 28 February 2020: Trade receivables collection period – 66.9 days Trade payables payment period – 64.9 days Inventory turnover rate – 6 times 4. Only 27% of the total sales were cash sales.
Excerpts from Dowling Company's December 31, 2021 and 2020, financial statements and key ratios are presented below (all numbers are in millions): 2021 2020 Accounts receivable (net) $ 20 $ 16 Net sales $ 115 $ 100 Cost of goods sold $ 60 $ 55 Net income $ 20 $ 17 Inventory turnover 5.22 Return on assets 10.3 % Equity multiplier 2.36 Dowling's 2021 average collection period is (rounded)? Show your work. Question 44 options:
Hisense Traders recruited you as their accountant for 31 July 2021 financial year. The Business has the following information. Credit Sales N$ 582 000 Mark-up N$ 30% Opening Stock N$ 38 400 Closing Stock N$ 18 800 Total expenses N$ 43 100 Debtors Turnover 12 times Creditors turnover 16 times Current assests N$ 155 600 Current Liabilities N$ 77 800 Calculate the following Gross prifit Cost of sales Purchases Inventory turnover (days) Net profit margin Debtors Balance Creditors Balance Current Ratio Cash Balance Bank overdraft. Round-off your answers to the nearest zero decimal place.
View Policies Current Attempt in Progress You have been provided with the following selected accounts for Flounder Ltd. for the year ended April 30, 2024: Inventory, May 1, 2023 Purchases Accounts receivable Sales Purchase discounts Freight in Land $578,000 5,932,000 (a) 809,000 9,264,000 Interest expense Interest income Accounts payable Administrative expenses 39,000 Selling expenses 122,000 Cash 869,000 Common shares $29,000 21,000 617,000 837,000 155,000 148,000 199,000 Flounder conducted a physical inventory count on April 30, 2024. Inventory on hand at that date was determined to be $988,280. Prepare a partial multiple-step statement of income for the year ended April 30, 2024, through to gross profit.