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Computer average stock, Accounting Basics

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1. The closing stock of Prince Corporation has been reduced by $8,000 from its opening amount of $22,000.

2. No dividend has been paid or proposed by the company.

3. The only capital of the company consists of ordinary shares of $1 each.

4. There are no retained profits at the beginning of the year.

Required:

(a.) Compute the following amounts:

1. Average stock

2. Cost of Goods Sold

3. Gross Profit

4. Sales

5. Net Profit

6. Non Current Assets

7. Debtors

8. Closing Capital Employed

9. Net Assets

10. Working Capital

11. Current Liabilities

12. Opening Capital (Ordinary Share Capital)

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