Question
The following information relates Gwede-Zuma Limited Statement of comprehensive income for the year ended 31 December 2022 2022(R) 2021 (R) Sales 325 000 377 500
The following information relates Gwede-Zuma Limited Statement of comprehensive income for the year ended 31 December 2022 2022(R) 2021 (R) Sales 325 000 377 500 Less: Cost of Sales (225 806) (258 065) Gross profit 99 194 119 435 Add: other income 2 459 1 639 Less: other expenses (65 323) (63 711) Net operating profit for the year 36 330 57 363 Statement of financial position as at 31 December 2022 2022(R) 2021 (R) Assets Non-current assets 467 742
Land and buildings 443 548 443 548 Vehicles at carrying value 24 194 26 613 Current assets 86 290 59 678 Inventories 46 774 26 613 Trade and other receivables 39 516 25 000 Cash and cash equivalents - 8 065 Total assets 554 032 529 839 Equity and liabilities Owners equity 217 742 168 548 Non-current liabilities 302 419 333 065 Long-term loan 100 806 120 968 Mortgage loan 201 613 212 097 Current liabilities 33 871 28 225 Trade and other payables 17 742 16 935 ANNEXURE H-FORMATIVE ASSESSMENT 2 84 HACP130-1-JAN-JUN2023-FA2-GT-V2-25082022 Bank overdraft 2 419 - Sars (VAT) 13 710 11 291 Total equity and liabilities 554 032 529 839 Additional information: All sales are on credit. Assume that they are 365 days in a year. 82% of all purchases are on credit. Purchases equal 62% of cost of sales
Calculate the following ratios for the years 2022and 2021 Note: show all calculations as 4 marks will be awarded for calculations a) Net profit percentage (4 Marks) b) Gross profit percentage. (4 Marks) c) Trade payables settlement period. (Clearly indicate your workings of Credit purchases for 2020 and 2021) (4 Marks) d) Trade receivables collection period.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started