The following Accounts with Debit and Credit balances have been extracted from the Adjusted Trial Balance of Britannia Traders on 30/6/2023. The owner of the firm is James Sharp and the business operates in Abbotsford, Victoria.

Debit Balances $ in Adjusted Trial Balance

Accounts Receivable 258 227

Advertising Expense 10 435

Bad Debts 47 300

Cash at Bank 383 889

Drawings James Sharp 160 953

Depreciation Expense - Buildings 7 100

Freight Inwards 5 640

Freight Outwards 7 450

Gas & Electricity Expense 26 600

GST Outlays 19 278

Interest Expense 82 940

Office Rent Expense 46 300

Office Wages Expense 117 377

Opening Inventory (1/7/2022) 137 310

Patents & Copyrights 35 000

Prepaid Advertising 3 080

Purchases 1 458 130

Sales Returns & Allowances 17 260

Salesmen Salaries 105 115

Warehouse Buildings 1 323 828

Total Debit Balances $ 4 253 212

Credit Balances $ in Adjusted Trial Balance

Accounts Payable 189 741

Accumulated Depreciation - Buildings 18 040

Capital James Sharp 842 229

Dividend Income 4 030

GST Collections 28 330

Interest Income 2 319

Tax Payable 29 011

Mortgage Loan Payable (30/09/2053) 910 777

Purchases Returns & Allowances 8 400

Sales Revenue 2 220 335

Total Credit Balances $ 4 253 212

Additional Information:

This Company uses a Periodic Inventory System & the Closing Inventory on 30/6/2023 was $ 235 980.

The Company offsets the GST Collections against any GST Outlays.

Question 51

What are the Net Sales?

	a.	2 220 335
	b.	1 410 715
	c.	2 203 075
	d.	1 200 975
	e.	None of the above

1 points

Question 52

How much are the Cost of Goods Sold?

	a.	1 565 680
	b.	1 364 150
	c.	911 410
	d.	1 351 060
	e.	None of the above

1 points

Question 53

What is the Gross Profit?

	a.	838 925
	b.	753 345
	c.	852 015
	d.	846 375
	e.	None of the above

1 points

Question 54

What are the Total Expenses?

	a.	456 257
	b.	455 197
	c.	450 617
	d.	452 117
	e.	None of the above

1 points

Question 55

What is the Net Profit or (Net Loss) for the period?

	a.	397 527
	b.	406 687
	c.	402 107
	d.	403 607
	e.	None of the above

1 points

Question 56

What are the Current Assets equal to?

	a.	790 228
	b.	797 176
	c.	809 506
	d.	800 454
	e.	None of the above

1 points

Question 57

What are the Non-Current Assets equal to?

	a.	1 342 828
	b.	1 324 788
	c.	1 360 066
	d.	1 340 788
	e.	None of the above

1 points

Question 58

How much are the Current Liabilities?

	a.	238 030
	b.	227 804
	c.	265 122
	d.	247 082
	e.	None of the above

1 points

Question 59

How much are the Non-Current Liabilities?

	a.	919 829
	b.	928 817
	c.	910 777
	d.	939 107
	e.	None of the above

1 points

Question 60

What is the Equity of the business equal to?

	a.	1 078 803
	b.	1 087 963
	c.	1 083 383
	d.	1 084 883
	e.	None of the above

1 points