Use the following information in order to answer questions 5, 6 and 7. The trial balance for Nicon Limited as at 30 September 2012 is as follows: 110 Dr Cr 000 000 Revenue 57,678 Purchases 35,322 Inventory 1 October 2011 5,623 Distribution expenses 4,564 Salaries and wages 7,234 General expenses 1,786 Interest paid on loan 30 Property at valuation 65,000 Property accumulated depreciation as at 1 October 2011 9,750 Plant and equipment at cost 9,230 Plant and equipment accumulated depreciation as at 1 October 2011 2.435 Motor vehicles at cost 450 Motor vehicles accumulated depreciation as at 1 October 2011 Trade receivables 4,320 Trade payables 3,505 Cash 780 Ordinary issued 1 shares 49,000 Dividends paid 500 Bank overdraft 619 Revaluation reserve as at 1 October 2011 5,000 Retained earnings as at 1 October 2011 2.242 Share premium 2,500 3% loan redeemable 2020 2,000 134,839 134,839 (Note that figures in the above table are in 000s - thousands) The following notes are licable: 1. Inventory as at 30 September 2012 was valued at 6,230,000. 2. Tax charge for the year ended 30 September 2012 is estimated at 950,000 Loan interest has only been paid for the first 6 months of year ended 30 September 2012 4. Wages and salaries amounting to 250,000 are to be accrued for the year ending 30 September 2012. 5. Depreciation is to be calculated for the year ended 30 September 2012 as follows: Property 5% per annum on valuation; Plant and equipment 15% per annum straight line assuming no residual value; Motor vehicles 20% per annum reducing balance. 3. 5. . 5. Based on the above financial statements for Nicon Ltd, what is the gross profit for the year ended 30th September 2012? (a) 22,369 (b) 21,749 (c) 22,963 (d) None of the above. 3 Marks 6. Based on the above financial statements for Nicon Ltd, what is the current year depreciation on Property? (a) 3,250 (b) 2,763 (c) 3,100 (d) None of the above. 3 Marks 7. Based on the above financial statements for Nicon Ltd, what amount should appear as total current liabilities in the statement of financial position as at 30th September 2012? (a) 5,104 (b) 5,324 (c) 5,354 (d) None of the above. 3 Marks