Tim Watts business has a rate of inventory turnover of 8 times per year. Average inventory is

Question:

Tim Watt’s business has a rate of inventory turnover of 8 times per year. Average inventory is

£29,000. Mark-up is 30%. Expenses are 65% of gross profit.

You are to calculate:

(a) Cost of goods sold.

(b) Gross profit.

(c) Turnover.

(d) Total expenses.

(e) Net profit.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For answer-question

Frank Woods Business Accounting An Introduction To Financial Accounting

ISBN: 9781292365435

15th Edition

Authors: Alan Sangster, Lewis Gordon, Frank Wood

See More Books

Question Posted: Mar 04, 2024 09:23 AM

See More Questions

Fails business has a rate of inventory turnover of 10 times per year. Average inventory is 14,000. Mark-up is 40%. Expenses are 60% of gross profit. You are to calculate: (a) Cost of goods sold. (b)...
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1 and 2. On September 1, Irene opened a retail store that specializes in sports car...
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-6. On December 12, Irene purchased the building where her store is located. She paid...
Create a class called Car that includes three instance variablesa model (type String), a year (type String), and a price (double). Provide a constructor that initializes the three instance variables....
What are the advantages and disadvantages of feedforward control?
The condensers of a $300 \mathrm{MW}$ power plant operating at a thermal efficiency of $35 \%$ are to be cooled by the water from a nearby pond. The intake water is available at \(22{ }^{\circ}...
Can you present a graphic that presents the payroll disbursement amounts by date for the contact employee who has been terminated but has been paid after termination (i.e., ghost employees)?
Flexible budgets, 4-variance analysis. (CMA, adapted) Nolton Products uses standard costing allocates manufacturing overhead (both variable and fixed)to products on the basis of standard direct...
Two large conducting plates on insulating stands are placed a distance D = 50 cm apart, as shown at right. The inner surface of one has a charge density of +0; the other, - The charge density on the...
onsider the model of the electrically heated stirred-tank system in Section 2.4.3. Subscript e refers to the heating element: (a) Derive transfer functions relating changes in outlet temperature T to...
The following trading account is extracted from the income statement for the year ending 31 December 2018 and is given to you by the owner of the business, Mr. Malik: Mr. Malik says that he normally...
The following figures relate to the retail business of Daisy King for the month of July. Goods sold fall into two categories, X and Y. You are to calculate for each category of goods: (a) Cost of...
Schiffer Corporation manufactures agricultural machinery. At a recent staff meeting, the following direct-labor variance report for the year just ended was presented by the controller. Schiffers...
Using data from Appendix 8, construct a graph to show the trend in the third ionization energies of the elements from Li to Kr. Compare the graph with that shown in Fig. 1.16, and rationalize what...
Figure 4.42 shows the EPR spectra for two isotropic systems in which the unpaired electron interacts with two 14 N nuclei (I = 1). (a) Use Fig. 4.42a to calculate the gyromagnetic factor of the...
The industrial manufacture of NH 3 from N 2 and H 2 is carried out on a huge scale using heterogeneous catalysis, i.e. the reaction between gaseous N 2 and H 2 is carried out over a solid catalyst....
Plot the specified output by using the RK4 method. $4 \ddot{x}+3 \dot{x}+2 x|x|=\frac{1}{2}+\sin t, \quad x(0)=1, \quad \dot{x}(0)=-1, \quad 0 \leq t \leq 15$, output : $x$
Draw the Bode plot and identify the corner frequency, as well as the asymptotic approximations of magnitude for low-frequency and high-frequency ranges. $G(s)=\frac{2.5}{5 s+\frac{3}{4}}$
Fasten one end of a vertical spring to a ceiling, attach a cabbage to the other end, and then slowly lower the cabbage until the upward force on it from the spring balances the gravitational" force...
Suppose the government bond described in problem 1 above is held for five years and then the savings institution acquiring the bond decides to sell it at a price of $940. Can you figure out the...
Discuss the social value of new-product development activities that seem to encourage people to discard products that are not all worn out. Is this an economic waste? How worn out is all worn out?...
Describe the characteristics of managerial accounting and financial accounting.
Which accountant (financial or managerial) would prepare each of the following reports: a. Income statement for the Gatorade division of PepsiCo b. Balance sheet for Walmart prepared in accordance...
Assume there are only three risky assets in which to invest, A, B and C. The expected return and standard deviation of return of asset A are 0.08 and 0.04, respectively. Similarly, the expected...
Consider the evolution of a TCP connection with the following characteristics. Assume that all the following algorithms are implemented in TCP congestion control: slow start, congestions avoidance,...
Briefly describe the concept of Resource Allocation and the importance relative to a project. Question A _________________ is a project orientation that is scheduled as early as possible and sets...

Tim Watts business has a rate of inventory turnover of 8 times per year. Average inventory is

Question:

Step by Step Answer:

a We know that Cost of goods sold Average inventory Rate of ...View the full answer

Frank Woods Business Accounting An Introduction To Financial Accounting

Students also viewed these Business questions