51. The following Accounts with Debit and Credit balances have been extracted from the Adjusted Trial Balance of Woodend Traders on 30/6/2022. The owner of the firm is Henry Lancashire.

Debit Balances $ in Adjusted Trial Balance

Accounts Receivable 202 333

Advertising Expense 760

Bad Debts 7 300

Cash at Bank 159 418

Drawings Henry Lancashire 160 743

Depreciation Expense - Buildings 7 100

Freight Inwards 5 640

Freight Outwards 7 450

Gas & Electricity Expense 26 600

GST Outlays 19 278

Interest Expense 2 940

Office Rent Expense 51 300

Office Wages Expense 32 040

Opening Inventory (1/7/2021) 110 310

Patents & Copyrights 16 000

Prepaid Advertising 3 080

Purchases 784 420

Sales Returns & Allowances 17 260

Salesmen Salaries 35 120

Warehouse Buildings 636 828

Total Debit Balances $ 2 285 920

Credit Balances $ in Adjusted Trial Balance

Accounts Payable 135 963

Accumulated Depreciation - Buildings 18 040

Capital Henry Lancashire 709 660

Dividend Income 4 030

GST Collections 28 330

Interest Income 2 312

Tax Payable 20 788

Mortgage Loan Payable (1/7/2036) 321 777

Purchases Returns & Allowances 8 400

Sales Revenue 1 036 620

Total Credit Balances $ 2 285 920

Additional Information:

The firm uses a Periodic Inventory System & the Closing Inventory on 30/6/2022 was $ 208 980.

Question

What are the Net Sales?

	a.	1 036 620
	b.	227 000
	c.	1 019 360
	d.	17 260
	e.	None of the above

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52

1. How much are the Cost of Goods Sold?

   	a.	891 970
   	b.	690 440
   	c.	237 700
   	d.	677 350
   	e.	None of the above

1

53

1. What is the Gross Profit?

   	a.	328 920
   	b.	243 340
   	c.	342 010
   	d.	336 370
   	e.	None of the above

1

54

1. What are the Total Expenses?

   	a.	176 250
   	b.	175 190
   	c.	170 610
   	d.	172 110
   	e.	None of the above

1

55

1. What is the Net Profit or (Net Loss) for the period?

   	a.	167 522
   	b.	176 682
   	c.	172 102
   	d.	173 602
   	e.	None of the above

1

56

1. What are the Current Assets equal to?

   	a.	582 863
   	b.	589 811
   	c.	602 141
   	d.	593 089
   	e.	None of the above

1

57

1. What are the Non-Current Assets equal to?

   	a.	636 828
   	b.	618 788
   	c.	654 066
   	d.	634 788
   	e.	None of the above

1

58

1. How much are the Current Liabilities?

   	a.	176 029
   	b.	165 803
   	c.	203 121
   	d.	185 081
   	e.	None of the above

1

59

1. How much are the Non-Current Liabilities?

   	a.	330 829
   	b.	339 817
   	c.	321 777
   	d.	350 107
   	e.	None of the above

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60

1. What is the Equity of the business equal to?

   	a.	716 439
   	b.	725 599
   	c.	721 019
   	d.	722 519
   	e.	None of the above

1