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  • Mas Mas Q&a

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    Craig Madziyire
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    The income statement shows revenues of $254,246 and a gross profit of $122,239 for the year ended 30 April 20x7. Total expenses were $104,844 resulting in a net profit of $19,145. The statement of financial position as of 30 April 20x7 lists total assets of $16,986 including inventory of $6,840 and accounts receivable of $9,175. Total equity and liabilities were $109,070 including capital of $102,000 and a long-term loan of $10,000.

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    The income statement shows revenues of $254,246 and a gross profit of $122,239 for the year ended 30 April 20x7. Total expenses were $104,844 resulting in a net profit of $19,145. The statement of financial position as of 30 April 20x7 lists total assets of $16,986 including inventory of $6,840 and accounts receivable of $9,175. Total equity and liabilities were $109,070 including capital of $102,000 and a long-term loan of $10,000.

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    10 views2 pages

    Mas Mas Q&a

    Uploaded by

    Craig Madziyire
    The income statement shows revenues of $254,246 and a gross profit of $122,239 for the year ended 30 April 20x7. Total expenses were $104,844 resulting in a net profit of $19,145. The statement of financial position as of 30 April 20x7 lists total assets of $16,986 including inventory of $6,840 and accounts receivable of $9,175. Total equity and liabilities were $109,070 including capital of $102,000 and a long-term loan of $10,000.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    of 2

    Income statement for the year ended 30 April 20x7

    $ $
    Sales/ Revenue 259,870
    Less Sales returns/ Returns inwards 5,624
    Turnover/ Net Sales 254,246
    Less Cost of sales
    Opening Inventory 15,654
    Add purchases 135,680
    151,334
    Add Carriage inwards 11,830
    163,164
    Less purchases returns 13,407
    149,757
    Less Closing Stock 17,750 132,007.00
    Gross Profit 122,239.00
    Add Other Income: Discount received 1,750
    1,750.00
    Total Income 123,989.00

    Less Expense
    Salaries and wages 38521
    Rent , rates and insurance 25973
    Heating and lighting 11010
    Carriage outwards 4562
    Advertising 5980
    Postage and stationery 2410
    Bad Debts 2008
    Discount allowed 2306
    Depreciation 12074
    104844
    Net profit 19145
    Statement of financial position as at 30 April 20x7
    Cost Acc Depreciation NetBook Value
    $ $ $
    Non Current Asset
    Fixtures and Fittings 19700 12074 7626

    Currents Assets
    Inventory (Closing) 6840
    Trade Receivable 9175
    Bank 867
    Prepaid Insurance 104 16986
    TOTAL ASSETS 16986
    EQUITY AND LIABILITIES
    Capital 101000
    Add net profit 1000
    102000
    Less Drawings( 2000+930) 2930
    99070
    Non Current Liabilities
    Long term loan - 3% - 10 year Loan from AB Finance 10000
    109070

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