Exercise 3 Sipho nuns a bottle store. He prices everything so as to give him a gross profit of 50% These figures are for his year ended 30 June 1995 All figures are in Plands For the purposes of this exercise, ignore VAT Cash received Rent paid Vehicle running expenses paid Purchases of stock for the year Wages paid Electricity paid Insurance paid Advertising paid Interest paid 149,705 3,600 2.400 82.656 8,580 1.313 600 284 1,200 30,000 2,902 3,146 Drawings Opening stock Closing stock The only fixed asset is a van which Sipho bought last year for R30,000. He expects it to last him for 5 years. His June electricity bill of R118 was only paid in July. Sipho very rarely sells on credit. However, a very close friend, who was waiting for some money, was having a party during the last week of June so Sipho agreed that he could have credit for 3 weeks. The bill came to R1,243. Calculate his gross profit for the year. Calculate his gross profit % for the year. What does this tell us? Calculate his net profit for the year.