Justin is a sole trader who prepares accounts to 31 December each year. For the year ended 31 December 20X3 his income statement and statement of financial position are as follows:

You are required to calculate the following ratios:
Gross profit %
Net profit %
Rent and rates as a % of revenue ROCE Current ratio Quick ratio Wages and salaries as a % of revenue

Transcribed Image Text:

Income Statement for the year ended 31 December 20X3 Revenue Cost of sales 293,350 181,950 Gross profit Less expenses 111,400 Rent and rates 9,470 Light and heat 2,860 Wages and salaries 30,400 Motor expenses 4,950 Professional fees 1,250 Sundry expenses 2,620 51,550 Net profit 59,850