GGG Traders recruited you as their accountant for 30 June 2020 financial year. The business has the following information. Credit Sales N$ 305 000 Mark-up 30% Opening Stock N$ 18 600 Closing Stock N$ 24 800 Total Expenses N$ 34 250 Debtors Turnover 15 Times Creditors Turnover 8 Times Current Assets N$ 68 400 Current Liabilities N$ 35 500 Calculate the following a) Gross profit b) Cost of Sale c) Purchases d) Inventory turnover (days) e) Net profit margin 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 N$ 305 000 Mark-up 30% Opening Stock N$ 18 600 Closing Stock N$ 24 800 Total Expenses N$ 34 250 Debtors Turnover 15 Times Creditors Turnover 8 Times Current Assets N$ 68 400 Current Liabilities N$ 35 500 Calculate the following a) Gross profit b) Cost of Sale c) Purchases d) Inventory turnover (days) e) Net profit margin f) Debtors Balance g) Creditors Balance h) Current Ratio i) Cash balance j) Bank Overdraft
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 N$ 305 000
Mark-up 30%
Opening Stock N$ 18 600
Closing Stock N$ 24 800
Total Expenses N$ 34 250
Debtors Turnover 15 Times
Creditors Turnover 8 Times
Current Assets N$ 68 400
Current Liabilities N$ 35 500
Calculate the following
a) Gross profit
b) Cost of Sale
c) Purchases
d) Inventory turnover (days)
e) Net profit margin
f) Debtors Balance
g) Creditors Balance
h)
i) Cash balance
j) Bank Overdraft
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