Calculate each of the following 1-Net sales 2-Cost of goods available for sales 3-Gross profit 4-Net profit Bad debts 10,000 Electricity and water 40,000 salary201,000 insurance 98,000 Depreciation furniture 70,000 Depreciation motor vehicles 50,000 sales 50,000 Return inwards 20,000 Opening stock 30,000 Purchases 60,000 Return outwards 10,000 Closing stock 50,000 Interest on loan 110,000 Doubtful debits 89,000 Discount allowable 66,000 Dividend received 20,000 Rent received 10,000 Discount received 100,000 Bad debts recovered 80,000 Rent expenses105,000 Discount allowed *60,000

Calculate each of the following 1-Net sales 2-Cost of goods available for sales 3-Gross profit 4-Net profit Bad debts 10,000 Electricity and water 40,000 salary201,000 insurance 98,000 Depreciation furniture 70,000 Depreciation motor vehicles 50,000 sales 50,000 Return inwards 20,000 Opening stock 30,000 Purchases 60,000 Return outwards 10,000 Closing stock 50,000 Interest on loan 110,000 Doubtful debits 89,000 Discount allowable 66,000 Dividend received 20,000 Rent received 10,000 Discount received 100,000 Bad debts recovered 80,000 Rent expenses105,000 Discount allowed *60,000

Name: Calculate each of the following 1-Netsales 2-Cost of goods available
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Description: Calculate each of the following 1-Netsales 2-Cost of goods available forsales 3-Gross profit 4-Net profitBad debts 10,000 Electricity andwater 40,000 salary201,000insurance 98,000 Depreciationfurniture 70,000 Depreciation motorvehicles 50,000 sales

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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