Although Janet Lambert has run a small business for many years, she has never kept adequate accounting records. However, a need to obtain a bank loan for the expansion of the business has necessitated the preparation of final accounts for the year ended 31 December 2017. His bank account for the year 2017 is as follows: $ $ Balance 1/1/2017 1,920 Cash withdrawn from bank 12,600 Receipts from debtors 94,200 Trade accounts payable 63,400 Loan from Kowus 2,500 Rent 1,900 Insurance 3,200 Drawings 11,400 General expenses 820 _____ Balance 31/12/2017 5,300 98,620 98,620 Records of cash paid were: General expenses $2,180; Trade accounts payable $3,310, Rent $2,110, Drawings $3,000. The following information is also available: 31/12/2016 31/12/2017 $ $ Cash in hand 194 2,272 Trade accounts payable 7,300 8,100 Accounts receivable 9,200 11,400 Rent owing 510 360 Insurance paid in advance 340 400 Van (at valuation) 15,500 14,600 Inventory 24,200 27,100 1. Calculate the sales figure for the year ending 2017 (A) $96,400 (B) $94,200 (C) $9,200 (D) $11,400 2. Calculate the purchases figure for the year ending 2017 (A) $63,400 (B) $33,10 (C) $96,400 (D) $73,000 3. Calculate the Rent figure for the year ending 2017 (A) $1,900 (B) $3,860 (C) $2,110 (D) $870 4. Calculate the Insurance for the year ending 2017 (A) $3,200 (B) $3,740 (C) $3,140 (D) $3,260 5. Calculate the Total expenses for the year ending 2017 (A) $7,760 (B) $10,900 (C) $10,000 (D) $93,500 6. Calculate the net profit for the year ending 2017. (A) $96,400 (B) $20,890 (C) $67,510 (D) $93,500 7. Calculate the current asset as at 31/12/2017. (A) $27,100 (B) $43,800 (C) $46,072 (D) $46,472 8. Calculate the cost of sales (A) $93,500 (B) $96,400 (C) $27,100 (D) 24,200 Use the data below to answer questions 9-11 If opening inventory is $36,000; closing inventory is $42,000; sales for the year is $210,000 and the trader sells all his goods at 40% above cost 9. Cost of goods sold (A) $149,000 (B) $149,940 (C) $60,060 (D) $155,940 10. Show the value of purchases during the year (A) $149,000 (B) $149,940 (C) $60,060 (D) $155,940 11 Calculate the profit made by the trader (A) $60,000 (B) $160,000 (C) $60,060 (D) $55,940 Select the correct answer from the questions below: 12. If accounts payable at 1 January 2013 were $2,500, accounts payable at 31 December 2013 $4,200 and payments to creditors $32,000, then purchases for 2013 are (A) $ 30,300 (B) $33,700 (C) $31,600 (D) $38,700 13. Given cost of goods sold of $16,000 and margin of 20%, then sales figure is (A) $20,160 (B) $13,600 (C) $21,000 (D) $20,000 14. If the opening inventory is $3,000, closing inventory $5,000, sales $40,000 and margin 20% then inventory turnover is (A) 5 times (B) 7.5 times (C) 8 times (D) 6 times 15. If cost price is $90 and selling price is $120, then (i) Mark-up is 25% (ii) Margin is 33.3 % (iii) Margin is 25% (iv) Mark-up is 33.3% (A) (iii) and (iv) (B) (i) and (iii) (C) (i) and (ii) (D) (ii) and (iv)