Question 1

The following is the Trial Balance ofS. Campbell as atJune 30, 2017.

Accounts

Dr($)

Cr($)

Machinery

30, 350

Motor Vehicle

22, 600

Sales

80, 485

Purchases

25, 305

Capital

55, 200

Stock - July 1, 2016

9, 150

Creditors

23, 185

Carriage Inwards

4, 500

Carriage Outwards

3, 500

Return Inwards

2, 960

Debtors

13, 785

Insurance

5, 450

Telephone

3, 260

Salary

13, 680

Electricity

9, 500

Bank

9, 970

Cash

4, 860

_______

158, 870

158, 870

The following additional notes has been made available:

(i)Stock at June 30, 2017 was valued at$4,950.

(ii)Insurance prepaid for the period is $2,100.

(iii)Salary accrued as at the period end is $4,320.

USING A WORD OR EXCEL FILE AND UPLOADING

Required:From all the information given above-

(i)Calculate the value of total expenses for the period.

(ii)Calculate the cost of the goods sold.

(iii)Show how much profit or loss S. Campbell made in year ended 2017?

(iv)What is the value of the Non-Current Assets?