Question 8

The following balances were extracted from the books of Banyant Agency as at   31/12/22.
                                                                                  Le
    Machinery                                                     120,000
    Fixtures                                                            4,000
    Stock 1/1/22                                                   55,000
    Purchases                                                       65,000
    Discount received                                              3,000
    Total expenses                                                48,000
    Sales                                                            190,000
    Stock 31/12/22                                                35,000

From the information above, calculate:

(a)      Total fixed asset;
(b)     Average stock;
(c)      Rate of stock turnover;
(d)     Gross profit;
(e)      Net profit.