SOLUTION: The following account balances/totals are from the accounting records of Super Dealers: Inventory (1 November 2017) ...............................................................

Question 1139649: The following account balances/totals are from the accounting records of Super Dealers:
Inventory (1 November 2017) ......................................................................
Inventory (31 October 2018) ........................................................................
R
130 000
80 000
Sales ............................................................................................................
150 000
Purchases ....................................................................................................
50 000
Carriage on purchases .................................................................................
5 000
Rental income ..............................................................................................
13 000
Admin cost ...................................................................................................
4 000
Depreciation .................................................................................................
8 000
Carriage on sales .........................................................................................
15 000
Repairs and maintenance ............................................................................
3 500
1.What will the gross profit amount of Super Dealers be for the financial year ended 31 October 2018?
2.What will the net profit amount of Super Dealers be for the financial year ended 31 October 2018?

Answer by ikleyn(52851) (Show Source): You can put this solution on YOUR website!
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