Calculate stuck turnover ratio The details of ABC Company are as under:60% (Cash sales)Sales20,000,000Cost of sales12,000,000Gross profitoffice exp.(including interest on debenturesselling exp.2,000,0001,800,000profit before taxesTaxes300,000Net profitThe opening stock was420,000Taking360 days of the yearsParticular2$Particular2$35,000,000 fixed assets10% preference share capital 24,000,000 Stock1,200,000 Debtors11,000,000 Bills receivable1,200,000 cashEquity share capital63,888,500165,000Reserves4,000,00010% debentures65,000Creditors3,521,000bank-overdraft1,200,000fictitious assets2,000,000Bills payable35,000outstanding expenses4,50073,639,50073,639,500

Average stock = (Beginning stock + Ending stock) / 2 = (420000+165000)/2 = $292,500

The details of ABC Company are as under: 60% (Cash sales) Sales 20,000,000 Cost of sales 12,000,000 Gross profit office exp.(including interest on debentures 2,000,000 selling exp. 1,800,000 profit before taxes Taxes 300,000 Net profit The opening stock was 420,000 Taking 360 days of the years Particular Particular 35,000,000 fixed assets 10% preference share capital 24,000,000 Stock Equity share capital 63,888,500 165,000 Reserves 1,200,000 Debtors 4,000,000 11,000,000 Bills receivable 1,200,000 cash 1,200,000 fictitious assets 10% debentures 65,000 Creditors 3,521,000 bank-overdraft 2,000,000 Bills payable 35,000 outstanding expenses 4,500 73,639,500 73,639,500

The details of ABC Company are as under: 60% (Cash sales) Sales 20,000,000 Cost of sales 12,000,000 Gross profit office exp.(including interest on debentures 2,000,000 selling exp. 1,800,000 profit before taxes Taxes 300,000 Net profit The opening stock was 420,000 Taking 360 days of the years Particular Particular 35,000,000 fixed assets 10% preference share capital 24,000,000 Stock Equity share capital 63,888,500 165,000 Reserves 1,200,000 Debtors 4,000,000 11,000,000 Bills receivable 1,200,000 cash 1,200,000 fictitious assets 10% debentures 65,000 Creditors 3,521,000 bank-overdraft 2,000,000 Bills payable 35,000 outstanding expenses 4,500 73,639,500 73,639,500

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

variable costs change in direct proportion to a change in the activity level. True or False?
A scatter graph is used to test the assumption that the relationship between cost and activity level is ________. Question 8Select one: a. unpredictable b. curvilinear c. linear d. cyclical
Variable costing is sometimes called a. differential b. direct c. profitability d. absorption costing.
Distinguish between fixed and variable costs while dealing with semi-variable expenses.
Discuss the difference between the revaluation model and cost model in detail.
How is A/R Turnover calculated?
Break-even is the number of units at which? a. total revenue equals price times quantity b. total revenue equals total variable cost c. total revenue equals total fixed cost d. total revenue equals total cost
The “plus” in cost-plus pricing is often referred to as Markup. Extra profit. Gross profit. Margin of Safety.
Define the term break-even point. What is the variable cost ratio? The contribution margin ratio? How are the two ratios related? Define the term sales mix. Give an example to support your definition.
On a cost-volume-profit graph, the revenue line will be shown below the total expense line for any activity level above the break-even point. FALSE O TRUE
How is conversion costs per equivalent unit calculated?
what is margin of safety as a percentage of sales