The following information has been extracted from the trial balance of Sipho suppliers. TRIAL BALANCE OF SIPHO
Question:
The following information has been extracted from the trial balance of Sipho suppliers.
TRIAL BALANCE OF SIPHO SUPPLIERS AS OF 28 FEBRUARY 2021 | ||
Debit | Credit | |
Capital | 295 189 | |
Land and buildings | 250 000 | |
Accounts receivable | 58 200 | |
Accounts payable | 49 200 | |
Bank overdraft | 17 500 | |
Vehicles | 145 000 | |
Furniture at cost | 100 000 | |
Purchases | 71 900 | |
Railage on purchases | 7 150 | |
Railage on sales | 2 750 | |
Inventory (1/03/2020) | 37 000 | |
Sales returns | 4 950 | |
Purchase returns | 6 000 | |
Discount received | 3 600 | |
Rent received | 12 000 | |
Telephone | 6 820 | |
Sales | 365 000 | |
Wages | 40 000 | |
Insurance | 3 500 | |
Advertising | 4 050 | |
Drawings | 13 000 | |
Petty cash | 4 169 | |
748 489 | 748 489 |
- Inventory as at 28 February 2021 was valued at N$28 500.
- Determine the value of Net sales 2 marks.
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- Determine the value of net purchases 2 marks.
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- Calculate the cost of sales amount 4 marks.
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- Determine the gross profit 2 marks.
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- Calculate the other income figure 2 marks
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- Calculate the value of operating expenses (5 marks)
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- Determine the net profit or (net loss) 3 marks
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- Calculate the value of non-current assets 3 marks
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- Calculate the value of current assets 3 marks
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- Calculate the value of total assets 2 marks
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- Calculate the value of owner’s equity 3 marks
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- Calculate the value of current liabilities 2 marks
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- Calculate the value of total equity and liabilities 2 marks
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Data Analysis and Decision Making
ISBN: 978-0538476126
4th edition
Authors: Christian Albright, Wayne Winston, Christopher Zappe