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The Fog Shop has the following trial balance as at 31 December 2020 Account Debit Credit Sales 156,000 Purchases 65,000 Land and buildings net book
The Fog Shop has the following trial balance as at 31 December 2020 Account Debit Credit Sales 156,000 Purchases 65,000 Land and buildings net book value at 31 December 2020 125,000 Machinery and equipment - net book value at 31 December 2020 75,000 Cash and bank balance 14,000 Trade receivables 54,000 Trade payables 40,000 Inventory at 1 January 2020 10,000 Selling expenses 10,000 Administration expenses 15,000 Carriage inwards 1,000 Carriage outwards 2,000 Sundry expenses 5,000 Capital at 1 January 2020 180,000 376,000 376,000 The following information is also available: a) Closing inventory at 31 December 2020 is 13,000 b) Included in the administration expenses is machinery rental of 6,000, which was paid on 1 October 2020 and is covering the year to 30 September 2020 c) A late invoice for office rent for 12,000 covering for the period from 1 October 2020 to 30 September 2020 that has not been paid yet has not been included in the trial balance. Complete the following statements by writing the appropriate figures in the text box: 1. Cost of sales for the year ended 31 December 2020 is 2. Gross profit for the year ended 31 December 2020 is 3. Prepayment of machine rental shown as a current asset in the Statement of Financial Position is as at 31 December 2020 4. Accrued office rent shown as a current liability in the Statement of Financial Position as at 31 December 2020 is 5. Total administration expenses after adjustments for b) and c) above for the year ended 31 December 2020 are 6. Profit for the year (=net profit) ended 31 December 2020 is 7. Total non-current assets as at 31 December 2020 equal 8. Total current assets as at 31 December 2020 equal 9. Total liabilities as at 31 December 2020 equal 10. Total capital and liabilities as at 31 December 2020 equal
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