Quiz Finance and Accounts Hatchell Question 1. Marvelous Millie's (MM) MM is a boutique based in NYC. The boutique is famous for its vintage style bags and clothes. Table 1: Select financial information for MM for 2016 and 2017. All figures in $. 2016 2017 Cash 3100 3700 Cost of goods sold 415,285 417,376 Creditors 108,970 109,000 Expenses 181,086 192,471 Fixed Assets 92,051 94,200 Gross Profits X 224,376 Net Profit Before interest and tax 42,429 Y Sales Revenue 638,800 641,752 Total Current Assets 192,954 194,232 Total Current Liabilities 161,431 163,300 (a) (i) Calculate the values of X and Y in Table 1 (2Marks) (b) Construct a Profit and Loss for 2016 and 2017 (ending with Net profit before interest and tax) = 638,800-415, 285 9-641,752-417,376 M 223515 2016 Statement for Profit & Loss for Sales Revenue Cost of Sales Gross Profit Expenses Profit befor Interest Tax Interest Profit before Tax Tax Profit for period Dividends Retained Profit 2017 question 2. Millennial Event Management Company (MEMC) Millennial Event Management Company (MEMC) is an events management company specializing in graduation ceremonies and milestone birthdays for millennials. The company is based in Dubai. Table 1: Selected financial data for Millennial Event Management Company (MEMC) for the 31st March 2016. All figures in AED. Gross Profit Retained Profit Opening Bank Balance Expenses Net Profit Before Interest and Tax Sales Revenue Fixed Assets Cost of Goods Sold Net Cash Flow Net Profit after Interest and Tax Interest Dividends Tax A E 90,000 117,500 B 414,700 120,000 290,000 5,600 D 1,000 0 12,617 (a) Calculate the values of A, B, C, D and E in Table 1 (no working required) [5 marks] (b) Construct a fully labelled profit and loss account for MEMC. (5 Marks) Table 1 - Selected financial data for The Smart Watch Company for year ended 30th April 2016 Accumulated retained earning Y Cash 16 Cost of goods sold 350 Trade Creditors 39 Net fixed assets X Buildings 112 Expenses 175 Debtors 26 Interest 20 Long-term liabilities 156 Intangible assets 78 Share capital 85 Sales revenue 700 Overdraft 20 Short-term loan 0 Production equipment 80 Stock 44 Tax 42 Net profit after interest and tax 113 (a) Calculate the net fixed assets X for The Smart Watch Company (no working required). [1] (b) Calculate the gross profit Y for The Smart Watch Company (no working required). [1] (c) Calculate Z and hence, calculate the net profit margin for The Smart Watch Company (no working required). [1] (d) Using relevant information from table 1, construct a fully labelled balance sheet for The Smart Watch Company. Table 1: Selected financial data for the year ended as of 31 December 2017. Accumulated retained profit 39,646 Cash 18,700 Cost of goods sold 15,900 Creditors 1,924 Expenses 12,500 Debtors 30,000 Interest 80 Long-term liabilities 22,000 Net fixed assets 50,000 Share capital 35,896 Sales revenue 65,800 Overdraft 4,000 Short-term loan 5,000 Stock 9,766 Tax 7400 Net assets X a) Calculate the gross profit X for The Party Bus (no working required). [1] (b) Calculate Y and hence, calculate the net profit margin for (no working required). [1] (c) Using relevant information from table 1, construct a fully labelled balance sheet for The Party Bus.