Income Statement For the Month ended 3oth November RevenueR 1,800 Less : Return Inwards -R 35 Net Sales R 1,765Less : Cost of good sold - R 1,190 -R 1,190Gross Profit R 575 Administative Expenses Discount ReceivedR 90 Administrative Expenses-R 80 Directors Remunerations -R 70 Bad debt Expenses-R 6 Depreciation Expenses- R 59 Income tax Expenses-R 45 Interest Expenses-R 5 Energy Expenses- R 48 Wages-R 63- R 286Distribution Costs Energy Expenses -R 24 Wages-R 45-R 69 Selling Expenses Energy Expenses-R 48 Wages-R 72-R 120Net Profit R 100Using the information provided, create The statement of financial position as at 31 October 2019. Additional information as at 31 October 2019.a. Closing inventory has been counted and is valued at R75,000b. An invoice of R15 000 for energy expenses for October 2019 has not been received.c. The allowance for debtors is to be increased to 5% of trade receivable.d. Buildings are depreciated at 5% per annum on their original cost, allocated 30% to cost ofsales, 30% to distribution costs and 40% to administrative expenses.e. Plant is depreciated at 20% per annum using the reducing balance method. The entirecharge is to be allocated to cost of salesTax has been calculated as R45 000 for the year.g. The current share price of Carl Ltd is R1.30 per shareh. Debenture interest has not been paid for the year.The items listed below should be apportioned as indicatedCost of SalesAdministrativeDistribution CostsExpensesDiscounts received100%Energy expenses40%20%40%Wages40%25%35%Director'sremuneration100% You are presented with the following trial balance of Carl Ltd at 31 October 2018.DrCrR,000R,000Building at cost740Buildings, accumulated depreciation, 1 November 201860Plant at cost220Plant, accumulated depreciation, 1 November 2018110Land at cost235Bank balance50Revenue1,800Purchases1,105Discounts received90Returns inwards35Wages180Energy expenses105Trade Payables250Trade Receivables320Inventory at 1 November 2018160Allowance for debtors at 1 November 201810Administrative expenses80Director's remuneration70Accumulated profit at 1 November13010% Debenture50Dividend paid30R1 Ordinary shares650Share premium account803,2803,280

Statement of financial postition in the business shows all assets, liabilities and equity of the…

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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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If the gross profit 196 000 ID, other revenue and gains 4 360 ID , operating expenses 143.900 ID, net purchases 1200000ID the net profit is:
Provide Answer with calculation and explanation
2020 Revenue $432,000 Returns, allowances, discounts ($21,600) Cost of goods sold ($280,800) Operating expenses ($45,000) Net Income $84,600 Use the above information to calculated the gross margin/profit ratio.
Round percentages and ratios to the nearest tenth of a percent, dollars to nearest whole dollar. 2. a. ________dollars b. ________ dollars c. ________ dollars d. ________ dollars e. ________ dollars
View Policies Current Attempt in Progress A company has the following balances: Sales revenue $312.000: Sales Returns and Allowances $2.000: Sales Discounts $4,000: Cost of Goods Sold $184,000: Operating Expenses $84,000. Assume there are no other revenues, other expenses, or income tax expense. How much is the profit margin? O 16.0% O 12.2% O 12.4% O 41.0 % eTextbook and Media Hint 4 ! Save for Later Using multiple attempts will impact your score 10% soore reduction after attempt 1 Attempts; unlimited Submit Answer
Suresh Company reports the following segment (department) income results for the year. Department M Department N Department 0 Department P $ 82,000 $ 44,000 $ 78,000 $ 65,000 Sales Expenses Avoidable Unavoidable Total expenses Income (loss) Department Department M Department N Department O Department P Department T 17,300 45,400 57,800 21,600 75, 100 67,000 $ 6,900 $ (23,000) Decision 18,000 5,700 23,700 $ 54,300 21,500 54,300 75,800 $ (10,800) Department T $ 43,000 51,300 20,300 71, 600 $ (28,600) Total $ 312,000 a. If the company plans to eliminate departments that have sales less than avoidable costs, which department(s) would be eliminated? 153,500 159, 700 313, 200 $ (1,200)
Sales revenue Variable expenses Contribution margin Fixed expenses Operating income Income taxes Net income $ 236,352 95,012 15,897 $11,128 $ · b. $537,356 $ 168,652 90,292 23,508 98,944 138,768 16,027 $48,081 d $667,836 453,504 59,104 $177,312
Warrior Industries Income Statement for year ending 12/31/20XX Sales revenue Less cost of goods sold Gross margin Less operating expenses Marketing Sales and administrative Depreciation ood to go Total operating expenses Operating income Less interest expense Income before taxes Income tax expense Net income E 40,000 20,000 10,000 5. 456,428 205,200 251,228 70,000 181,228 7,000 174,228 40,000 134,228 Assets Current Assets Cash Accounts receivable Inventory Fixed assets Total assets O Warrior Industries Balance Sheet for 12/31/20XX Total current assets Property, plant and equipment Accumulated depreciation Net fixed assets Liabilities and Owner's Equity Current liabilities Accounts payable Note payable to bank Deposits from customers N Total current liabilities Long term mortgage Owner's Equity Total liabilities Retained earnings Total Owners' Equity Total liability and equities $ 52,400.00 $ 11,000.00 $ 15,900.00 $ 79,300.00 $ 80,000.00 $ (20,000.00) $ 60,000.00 $139,300.00 $ 5,300.00…
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If the gross profit 196 000 ID , other revenue and gains 4 360 ID , operating expenses 143.900 ID , net purchases 120 000 ID , the net profit is:-

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Revenue	R 1,800
Less : Return Inwards	-R 35
Net Sales		R 1,765
Less : Cost of good sold	- R 1,190
		-R 1,190
Gross Profit		R 575

Administative Expenses
Discount Received	R 90
Administrative Expenses	-R 80
Directors Remunerations	-R 70
Bad debt Expenses	-R 6
Depreciation Expenses	- R 59
Income tax Expenses	-R 45
Interest Expenses	-R 5
Energy Expenses	- R 48
Wages	-R 63	- R 286
Distribution Costs
Energy Expenses	-R 24
Wages	-R 45	-R 69
Selling Expenses
Energy Expenses	-R 48
Wages	-R 72	-R 120
Net Profit		R 100